Homework Answers
a)
4/10 means if payment is made within 10 days then 4% discount will be available to Stacy Dress Shop and 3/15 means if the payment is made within 15 days then 3% discount will be available.
The partial payment is made on August 1 so it is paid on 15th day from July 18th to August 1st, so 3% discount is available, hence, the credit amount is $7.56 ($252*3/100).
Therefore, credit that Stacy will receive is $7.56.
b)
Outstanding balance = Total amount owed - Partial Payment
= $1,150 - $252
= $898
Therefore, outstanding balance is $898.
Credit = 259.79 $252/.97 amount paid divided by 3/15 terms
Outstanding balance = 890.21 invoice amount minus credit amount
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