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Vethier 2016 Vethier 2016
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3 months ago
You receive some goods on April 1 with the following terms: 3/20, net 30, June 1 dating. This means that you will receive a 3% discount if the bill is paid on or before June 20 and also that the full amount must be paid 30 days after receipt of the goods.


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Textbook 
Financial Management: Theory and Practice

Financial Management: Theory and Practice


Edition: 4th
Authors:
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lingo94lingo94
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3 months ago
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Excerpt
The terms "3/20, net 30, June 1 dating" mean the following:

3/20: This part of the terms indicates that you can take a 3% discount if you pay the bill within 20 days. In this case, you would need to pay the invoice on or before June 20th to avail of the 3% discount.

Net 30: This part of the terms states that the full amount must be paid within 30 days of receiving the goods. So, if you don't take advantage of the 3% discount by paying early, you must pay the full amount by the 30th day after receiving the goods.

June 1 dating: This part specifies the date from which the 30-day period begins. In this case, it starts on June 1st, which means you received the goods on June 1st. So, you would need to pay the full invoice amount by June 30th.
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Anonymous
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#2
2 months ago
Help! The answer is missing an explanation...
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#3
2 months ago
Does that help?
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