The regular price for a dishwasher is 499. Best Buy is having a sale for 22.5% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 8.2%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid. Total Paid

The regular price for a dishwasher is 499. Best Buy is having a sale for 22.5% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 8.2%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid. Total Paid

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

See similar textbooks

Similar questions

The regular price for a dishwasher is 399. Best Buy is having a sale for 20% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 7.4%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid.
shoe store marks up the price of its shoes at 140% over cost. A pair of shoes goes on sale for 20% off and then on the clearance rack for an additional 25% off. A customer walks in with a 10% off coupon good on all clearance items and buys the shoes. Express thestore's profits on these shoes as a percentage of the original cos
A chain of appliance stores, APP Corporation, purchases inventory with a net price of $350,000 each day. The company purchases the inventory under the credit terms of 1/15, net 30. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar.
Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due?
A specialty shop procures several antique clocks for $5,000 apiece and offers them to customers for $7,150 each. What is the mark-up, as a percentage?
Charlotte sells widgets that cost $50 each to purchase and prepare for sale. Annual sales are 10,000 widgets, carrying costs are 15% of inventory costs, and Charlotte incurs a cost of $25 each time an order is placed. (a) What is the EOQ? (b) What will be the total inventory costs if the EOQ amount is ordered? (c) Suppose that Charlotte's supplier decides to offer a 3% cash discount if products are ordered in increments of 1250. How many widgest should Charlotte order each time an order is placed to minimize total inventory costs?
Last month the sweet tooth candy shop had total sales including sales tax of 61,889. The stores are located in a state that has a sales tax of 6 1/2%. Round your answer to the nearest cent. A- as the accountant for the sweet tooth calculate the amount of sales revenue in dollars for the Shoppes last month? B-as the accountant for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue?
Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? B. What is the total tax charged to the customer per large package? What is the overall charge per large package? C. How much sales tax liability does Stork Enterprises have for the month of May? D. What accounts are used to recognize this tax situation for the month of May? E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability?
The I-75 Carpet Discount Store has an annual demand of 10,000 yards of Super Shag carpet. The annual carrying cost for a yard of this carpet is $0.75, and the ordering cost is $150. The carpet manufacturer normally charges the store $8 per yard for the carpet; however, the manufacturer has offered a discount price of $6.50 per yard if the store will order 5,000 yards. How much should the store order, and what will be the total annual inventory cost for that order quantity?
Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package, and $95 for a large package. The sales tax rate is 5%. During the month of May, Stork delivers 43 small packages and 33 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $fill in the blank 1 per small package Overall charge $fill in the blank 2 per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $fill in the blank 3 per large package Overall charge $fill in the blank 4 per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $fill in the blank 5 D. What account is used to…
A regional furniture company is offering either a discount equal to twice the state sales tax or interest-free financing for 60 months. The state sales tax is 6%. What is the effective annual interest rate for financing versus the discount? Assume you are buying $1000 worth of furniture. How will you decide which option to take?
McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $912,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 40 days after their purchases. What is the day’s sales outstanding? What is the average amount of receivables? What is the percentage cost of trade credit to customers who take the discount? What is the percentage cost of trade credit to customers who do not take the discount and pay in 40 days. What would happen to McDowell’s account receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?