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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Answer the following questions based on the Leisure Time Industries invoice on the following page.

Fantasia Florist Shop purchases an order of imported roses with a list price of $2,375 less trade discounts of 15/20/20.

a. What is the amount of the trade discount?

b. What is the net amount of the order?

Chapter 7, Problem 14AT, Answer the following questions based on the Leisure Time Industries invoice on the following

(a)

To determine

To calculate: The trade discount if Fantasia Florist Shop purchases an order of imported rose of list price is $2,375 and trade discount rate are 15/20/20.

Explanation

Given Information:

The Fantasia Florist Shop purchases an order of imported rose of list price is $2,375 and trade discount rate are 15%, 20% and 20%.

Formula used:

Look for the complement of the trade discount rates by subtracting each rate from 100% and converting them to decimal dorm.

Compute the net price factor by multiplying all the decimals together.

The single equivalent discount computed by subtracting the net price factor from 1.

Single equivalent discount=1Net price factor

The trade discount computed by multiplying list price with single equivalent discount

Trade discount=List price×Single equivalent discount

Calculation:

Consider list price is $2,375 and trade discount rate are 15%, 20% and 20%.

Compute complements of the trade discount rates in series by subtracting them from 100%.

100%15%=85%=0.85 100%20%=80%=0

(b)

To determine

To calculate: The net price if Fantasia Florist Shop purchases an order of imported rose of list price is $2,375 and trade discount is $1,083.

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