Compute the Discount Date, the Due Date, the Amount of Discount

question 31

Short Answer

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.Krohn Corp. normally gives a cash discount of 2.5/5, net 20. There is no discount on freight charges. Krohn Corp. sells some new products for which the total invoice is $142.50. The invoice is dated September 7 and includes $16.13 for freight.
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Definitions:

Price Elasticity

The measure of how much the quantity demanded or supplied of a good changes in response to a change in its price. It reflects the sensitivity of consumers or producers to price changes.

Unit Price Elastic

A situation in which the percentage change in quantity demanded is equal to the percentage change in price, resulting in no change in total revenue.

Total Revenue

The total revenue a company earns from selling its goods or services before deducting any expenses or costs.

Chocolate

A sweet, usually brown, food preparation of roasted and ground cacao seeds, often flavored, and available as a solid or liquid.