. The net price of an item after a trade discount of 12% and 8% was RM3000. The invoice was dated 23d July 2007 with cash discount terms of 4/10, n/30. No use excel. a) Find the list price of the item. (RM3705.53) b) Calculate the single trade discount rate that is equivalent to the trade discount given. (19.04%)

. The net price of an item after a trade discount of 12% and 8% was RM3000. The invoice was dated 23d July 2007 with cash discount terms of 4/10, n/30. No use excel. a) Find the list price of the item. (RM3705.53) b) Calculate the single trade discount rate that is equivalent to the trade discount given. (19.04%)

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 15P: Suppose a firm makes purchases of $3.65 million per year under terms of 2/10, net 30, and takes...

See similar textbooks

Similar questions

6. AN invoice dated 19th November 2016 was received by Syahirah for the purchase of an item. The price after trade discounts of 12%, 9% and 6% including the transportation cost of RM500 is RM7,895. The cash discount term offered was 5/9, 2/15, n/30. No use excel. Find a) The list price of the item. (RM9823.95) b) The total amount paid if the payment was made on 4th December 2016. (RM7747.10)
4. An invoice dated 26 October 2014 amounted to RM8,260 was offered trade discounts of 7%, 2% and cash discount terms of 3/15, 2/30, n/60. No use excel. Find a) The net price after trade discount. (RM7528.16) b) The amount paid on 17 November 2014. (RM7377.60)
The net price of an item after trade discounts of 34.00%, 13.00%, and 3.50% is $3,520.00. a. Calculate the regular selling price of the goods. $0.00 Round to the nearest cent b. Calculate the equivalent discount rate of the series of discount rates. 0.00 % Round to two decimal places
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the accounts payable? • How much is the discount if paid in full within the discount period? • How much is the accounts receivable?
An invoice dated April 22 shows a net price of $175.00 with the terms 3/10, n/30. What is the latest date the cash discount is allowed?
December 5, 2018, PACQ Company sold P500,000 worth of inventories with trade discounts of 10%, 15%,25%, terms: 2/10, n/30. How much is debited to accounts receivable if the company uses allowancemethod in accounting for its cash discounts?
Easy Company sells directly to retail customers. On January 1, 2020, the balance of the accounts receivable was P2,070,000 while the allowance for doubtful accounts was a credit of P78,000. The following data are gathered. Credit Sales Writeoffs Recoveries2017 11,100,000 260,000 22,0002018 12,250,000 295,000 37,0002019 14,650,000 300,000. 36,0002020 15,000,000. 310,000 42,000Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year.Required:a. What is the percentage of credit sales to be used in computing doubtful accounts expense for 2020?b. What amount should be reported as doubtful expense for 2020?c. What amount should be reported as allowance for doubtful accounts on December 31, 2020?
On July 1, 2020, Jolly Company sold goods in exchange for P2,000,000, 8-month, noninterest-bearing note receivable. At the time of the sale, the note's market rate of interest was 12%. The note was discounted at 10% on September 1, 2020. 1. What amount was received from the note receivable discounting? a. 1,940,000 b. 1,938,000 c. 1,900,000 d. 1,880,000 2. What is the loss on note receivable discounting? a. 100,000 b. 125,000 c. 25,000 d. 0
An item for 10,000, subject to a trade discount of 25%, is paid for within the discount period on terms 2/10, n/30. What is the amount of payment? P10,000 P7,500 P7,400 P7,350
Bramble Corp. sold $132000 of goods and accepted the customer's $132000 9%, 1-year note receivable in exchange. Assuming 9% approximates the market rate of return, what would be the debit in this journal entry to record the sale? Debit Notes Receivable for $120120. No journal entry until cash is collected. Debit Notes Receivable for $132000. Debit Accounts Receivable for $132000.
Sunland Company sold $131000 of goods and accepted the customer's $131000 10%, 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, how much would be reported for the year ending december 31 if sales was made of june 30? $13100. $0 $3275 $6550
The transportation cost is RM400. The company received trade discounts of 10% and 15% and cash discount terms of 4/10, n/30. No use excel. Calculate: a) the single discount rate equivalent to the given trade discounts (23.5%) b) the last date to get the 4% cash discount (24" June 2006) c) the amount of trade discount received (RM1292.50)