Harry receives an invoice from one of its European suppliers for antiques.The amount of the invoice is $40,000 with terms of 3/10,net/60.If the invoice is paid on day 20,Beard is entitled to a ____ cash discount and will write the check for ____.

Question

Quizplus · Accepted Answer

The terms 3/10, net/60 mean a 3% discount is available if paid within 10 days. Since the invoice is paid on day 20, no discount is applicable, and the full amount of $40,000 is due.

Harry Receives an Invoice from One of Its European Suppliers