
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Complete the following invoice, finding the net price using the single trade discount rate.
Qty
Item
Unit price
List price
3535
Notebooks
$1.311.31
4545
Looseleaf paper
$0.880.88
2525
Ballpoint pens
$0.830.83
Total list price
3535% trade discount
Net price
Fill in, rounding to the nearest cent as needed.
Qty
Item
Unit price
List price
3535
Notebooks
$1.311.31
$nothing
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- A wholesaler gives trade discounts 30%, 11% and 3% to his regular customers.a) Find the single discount equivalent to the given trade discounts.b) If the list price of an item is RM320, find the net price.arrow_forwardThe 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.arrow_forwardList price is $450.70. The trade discount rate is 31/15/5. What is the single equivalent discount? What is the trade discount? What is the net price? Round the net price factor and single equivalent discount five decimal places, and the trade discount and net price to the nearest cent when neccarrow_forward
- You buy goods at a list price of $1,100. If you receive a trade discount of 30% and terms are “2/15, n/45,” what amount must you pay if you pay within the discount period?arrow_forwardPlease answer the question correctly. Thank you.arrow_forwardRemember order of discounts (TD à QD à CD) The vendor shipped and invoiced the following goods on June 7: 200 folding chairs at $50 list price. Trade discounts were 40% and 5%; and a 2% quantity discount for an order of 200 or more folding chairs was provided by the vendor. Invoice dating and cash discount terms were determined at 5/20, EOM. What is the trade discount$ for the entire merchandise? What is the quantity discount$ for the entire merchandise? What amount must be remitted to the vendor if the invoice is paid on July 15?arrow_forward
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