A student prepared the following spreadsheet model to calculate the final price of clothing items which are sold at a discount. To becomplete, the student included a calculation of sales tax in the final price, given the original price (110), discount (0.20), and sales taxrate (0.07) shown below.AOriginal Price3 Discount (%)4 Discount ($)21100.20— В2 х ВЗ5Net Price= B2 - B4Sales Tax(%)7 Sales Tax($)8 Final Price60.07= ROUND (B5 × B6,2)= ROUND(B5 + B7,2)Determine what values the spreadsheet should display. (Round your answer to 2 decimal places.)CellValueB4 (Discount in dollars)B5 (Net Price)B7 (Sales tax in dollars)B8 (Final Price)

In this question, the formulas are given in an excel spreadsheet, and on the basis of these formulas…

Answered: A student prepared the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 23Q: If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the...

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A) Write short note with one word or one sentence for the following – Markup, Selling price, Value added tax, Find the selling price of an item that costs RO 156, if the markup is 40% on the cost?
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A dress has a selling price of 1,800. It's mark up based on selling price is 17%. What is the cost ? What is the mark up? What is the Mark up rate based on cost ? Please answer it completely.
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Ami Retailers purchased merchandise with a list price of ₱100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should Ami record the cost of this merchandise if the gross method is used? 100,000 80,000 c. 98,000 d. 78,400 Use the following information for the next two questions: Campbell's Clothing Store sells jeans. During January 2002, its inventory records for one brand of designer jeans were as follows: Beginning Inventory .................... 10 pairs @ ₱ 20 = ₱200 January 6 Purchase ..................... 4 pairs @ 25 = 100 January 10 Sale ........................ 5 pairs January 15 Purchase .................... 7 pairs @ 30 = 210 January 20 Sale ........................ 10 pairs January 25 Purchase .................... 4 pairs @ 30 = 120 1.How much is the cost of goods sold using periodic FIFO? 330 300…

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