Ashley Furniture received an invoice for $4,850, dated May 19. Terms were 2/15, net 30 days. How much will Ashley pay if the invoice was electronically paid on June 2?

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2020-10-23T02:42:51+02:00

Answer:

$4,753

Explanation:

Computation of how much will Ashley pay

First step

Since we were told that the invoice was received on May 19 and the terms were 2/15 which means that:

19 May + 15 days which is(Term 2/15) will fall on 3rd June.

Second step

Since we were told that the whole amount should be paid within 30 days (net 30 days) which means that:

19 May + 30 days will fall on 18 June

Last step is to Calculate How much Ashley will pay if the invoice was paid on June 2

Hence,

June 2 Payment= (1-0.02) x $4,850

June 2 Payment=0.98×$4,850

June 2 Payment= $4,753

Therefore the amount that Ashley will pay if the invoice was electronically paid on June 2 will be $4,753.

ayokenny2001 ayokenny2001 · Answer 2 · 2021-12-10T14:24:53+01:00

Ashley will pay $4,753 if the invoice was electronically paid on June 2

We know that the invoice was received on May 19 and the terms were 2/15 hence;

19 May + 15 days which is(Term 2/15) falls on 3rd June.

Also, we know that the whole amount should be paid within 30 days (net 30 days) hence;

19 May + 30 days falls on 18 June

Therefore,

June 2 Payment by Ashley would be;

= (1 - 0.02) x $4,850

= 0.98 × $4,850

= $4,753

It therefore means that Ashley will pay $4,753 if the invoice was electronically paid on June 2.

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