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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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)
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Complete the following table:
Note: Do not round intermediate calculations. Round your final answers to the nearest cent.
Item
List Price
chain discount
net price
trade discount
Sony digital camera
$320
6/4/3
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1.Calculate the missing information for the purchase. (Round your answers to the nearest cent.)
Item
SellingPrice
SalesTaxRate
SalesTax(in $)
ExciseTax Rate
ExciseTax(in $)
TotalPurchase Price(in $)
Tire
$106.99
6
$
5
$
$
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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
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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.
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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
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Calculate APR by table lookup: (Round your answers to the nearest cent.)
PurchasePrice
DownPayment
Number ofmonthly payments
Amountfinanced
Total Payment
$5950
$150
40
$5800
$6900
APR
5.7
%

%
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Calculate the missing values and express your answers rounded to two decimal places.
Cost
Amount ofMarkup
SellingPrice
Rate of Markupon Cost
Rate of Markupon Selling Price
a.
$260.00
25.00%
%
b.
$60.00
%
30.00%
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Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
Item
OriginalSelling Price(in $)
Amount ofMarkdown
Sale Price
MarkdownPercent
Necklace
$
$105.00
$235.00
%
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buying and sellinga. A calculator is listed at P 859.50 and has a trade discount of 33 1/3 %; a) What is the amount of trade discount? b) What is the price paid for the calculator?b. ABC Company offers to fill an order for goods at P 25,800.00 less 25% and 25 %, terms n/30. On the other hand, XYZ Corporation offers P 25,000.00 less 35%, 3%, and 2%, terms 8/10, n/30: on the same order. Assuming that Mr Cruz will pay cash, which is the better offer?c. What is the total cash discount if an invoice dated March 31 for P 15,000 with a payment terms of 3/20; 1/30; n/60 is paid in full on April 20?d. A manufacturer bills a retailer P 25,000 for a brand new refrigerator, and further extends a trade discount of 18 %. What is the trade discount and the net price?e. The list price of a brand new flat screen tv set at Emcor is P 25,000. The item costs P 22,000. After negotiation the tv set was sold at 20,000. What are the initial markup price and the maintained markup price?
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Complete the following table:
Note: Do not round net price equivalent rate and single equivalent discount rate. Round the dollar amounts to the nearest cent.
Item
list price
chain discount
net price equivalent rate (in decimals)
single equivalent discount rate (in decimals)
trade discount
net price
LG BluRay player
$198
8/6/4
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Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.)
Quantity
Unit
Merchandise
Unit List
TradeDiscounts
ExtendedTotal
150
ea.
Blenders
$49.95
20/15/15
$ 4330.67
400
ea.
Toasters
$37.88
20/10/10
$ 9818.50
18
doz.
Coffee Mills
$244.30
30/9/6
$
12
doz.
Juicers
$480.00
25/10/5
$
Invoice subtotal
$
Extra
5
1
2
%
volume discount on total order
− $
Invoice total
$
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