Find the Discount Date, the Due Date, and the Complement

question 17

Short Answer

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.In an attempt to attract new business customers, the wholesale hardware store offered terms of 2.5/40, net 60. On July 10, a building contractor purchased materials costing $611.25, which included a $50 freight charge. On August 2, the contractor returned materials costing $143.25.
​

---

Definitions:

Residual Guarantee

A guarantee made by the seller to the buyer that the value of an asset will at least be equal to a specified amount at the end of a lease term.

Lease Payment

Regular payments made by a lessee to a lessor for the use of an asset for a specified period as outlined in a lease agreement.

Lease Payment

Payments made by a lessee to a lessor for the use of a leased asset, typically defined in the lease agreement and paid over the lease term.

Interest Revenue

Income earned on investments, loans, and other interest-bearing financial assets, reflecting the cost paid to the entity for the use of its funds.