Classic Furniture purchases dining room sets with an invoice date of September 27, and terms of sale of 3/10, n/60. What is the net date?
10/11
To calculate the net date, we need to understand the terms of sale. In this case, the terms are 3/10, n/60.
The first number before the slash (3) represents the discount percentage, and the number after the slash (10) represents the number of days within which the discount is available.
The second number after the "n" (60) represents the number of days within which the invoice should be paid in full, without any discount.
To calculate the net date, we add the number of days within which the discount is available (10 days) to the invoice date (September 27).
Therefore, the net date in this case would be October 7.
To determine the net date of the purchase, we need to understand the terms given. The terms "3/10, n/60" indicate a discount and a credit period.
The "3/10" in the terms means that the buyer is eligible for a discount of 3% if the payment is made within 10 days from the invoice date. The "n/60" means that the buyer has a credit period of 60 days to pay the full invoice amount without any discount.
To find the net date, we start counting from the invoice date. The credit period stated is 60 days, so we add 60 days to the invoice date:
September 27 + 60 days = November 26
Therefore, the net date for this purchase is November 26.