Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,100 list price. Bally dated...
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,100 list price. Bally dated the invoice August 13 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 26. What does Intel pay Bally?
Homework Answers
Answer:
List Price = $15,100
Invoice Date = August 13
Trade Discount = 40%
Net Price = $15,100 - ($15,100 * 40%)
Net Price = $9,060
As the Credit term is 5/10 EOM which means 5% discount will be given if payment is made within a period of 10 days of Invoice Date. Since, the payment is made beyond the period of 10 days, no discount will be alloed.
Therefore, Intel pays $9,060 to Bally Manufacturing.
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