An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been deducted.a. What was the list price of the goods? (Round your answer to the nearest cent.)Price = $ 286.23b. What single rate of trade discount would be equivalent to the discount series? (Round your answer to two decimal places.)Single rate = % (Not 61.74) An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been deducted.a. What was the list price of the goods? (Round your answer to the nearest cent.)Price $ 286.23b. What single rate of trade discount would be equivalent to the discount series? (Round your answer to two decimal places.)Single rate61.74 %

An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been deducted. a. What was the list price of the goods? (Round your answer to the nearest cent.) Price $286.23 b. What single rate of trade discount would be equivalent to the discount series? (Round your answer to two decimal places.) Single rate 61.74 %

An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been deducted. a. What was the list price of the goods? (Round your answer to the nearest cent.) Price $286.23 b. What single rate of trade discount would be equivalent to the discount series? (Round your answer to two decimal places.) Single rate 61.74 %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 14MC: A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays...

See similar textbooks

Similar questions

If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?
If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been deducted.a. What was the list price of the goods? (Round your answer to the nearest cent.)Price = $ 286.23b. What single rate of trade discount would be equivalent to the discount series? (Round your answer to two decimal places.)Single rate = %
Calculate the single equivalent discount and amount of trade discount on merchandise listing for P20,000, less trade discounts of 30%, 10%, and 5%. Round to the nearest centavo
The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.
If merchandise is bought with a list price of $2,800, subject to a 30 percent trade discount and a cash discount of 2/10, n/30, the amount debited to Purchases is $1,920.80. True False
What is the amount of the trade discount on goods ordered with a list price of $3,450 and a trade discount rate of 3 3 4 % to the nearest cent? A. $86.25 B. $129.38 C. $862.50 D.$1,293.75
ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on experience, ABC's customers take the higher cash discount. Under the gross method, how much receivable was recognized on the date of sale? 86,425 87,300 90,000 90,824
The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Answer- credit to accounts receivable for $2400 Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of 2/10, n/30. What is the net cost of the goods if Kingbird, Inc. pays within the discount period? Answer- 12,838 Just tell me the difference between the phrasing of the two questions. In other words, why don't I multiply 0.02 percent to 2,400 and then subtract $48 to get 2352 debit to sales revenue for the first question?