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Exam 7: Invoices, Trade Discounts, and Cash Discounts

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Question 61

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A toy store buys Wiis from Nintendo with an invoice date of April 14. The terms of sale are 3/10 ROG. What is the net date if the shipment arrives June 12?

A) April 24
B) May 14
C) June 22
D) July 12

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Question 62

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A discount store purchased some special product at a list price of $1,600. If the broker gives a 20.25% trade discount, what is the amount of the trade discount?

A) $1,276.00
B) $324.00
C) $950.00
D) $1,706.00

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Question 63

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A discount clothing store buys shirts and slacks with a list price of $12,750. If the wholesaler offers trade discounts of 15/25/15, find the single equivalent discount.

On August 18, Sullivan Company received an invoice in the amount of $6,700, having terms of sale of 4/15 EOM. What is the discount date?

Find the net price for a three piece set of coffee tables with a list price of $2,500, less trade discounts of 25/20/15. Use the net price, complement method.

The invoice for Leda's Lamp Emporium shows the following items: ​ ​ ​ ​ If the shipping charges for this invoice were $130.25 and the Insurance for the shipment was $52.50. The invoice total would be 729.54. ​

Calculate the cash discount and the net amount due, rounding to the nearest cent: $\begin{array}{l}\text { Amount of Invoice }&\text {Terms of Sale}& \text {Cash Discount}&\text { Net Amount Due } \\ \$ 2,862.20 \quad 3 / 15, \mathrm{n} / 30 \\\end{array}$

From the invoice, extend each line to the total column and calculate the invoice subtotal and total: $\begin{array}{|l|l|l|l|l|l}\text { Stock \# } & \text { Quantity } & \text { Unit } & \text { Merchandise } & \text { Unit Price } & \text { Total } \\\hline & & & \text { Description } & & \\\hline 2839 & 28 & \text { ea } & \text { Staplers } & \$ 9.20 & \$ \\\hline 1612 & 15 & \text { ea } & \text { 2-tier trays } & 3.19 & \\\hline 3218 & 2 & \text { gro } & \# 2 \text { pencils } & 21.60 & \\\hline 3318 & 8 & \text { bx } & 3 x 5 \text { index cards } & 5.26 & \\\hline & & & \text { Invoice Subtotal } & & \\\hline & & & \text { Shipping Charges } & 51.98 \\\hline & & & \text { Invoice Total}&\$\\\hline\end{array}$

Ganesh India Shop purchased merchandise from India with a list price of $110,000 less trade discounts of 30/10/5. What was the net price of the order?

What was the trade discount rate if merchandise with a list price of $14,200 was sold at a net price of $9,940?

Shiva Electronics received an invoice dated July 15 in the amount of $2,300, which included freight charges of $205. The terms of sale were 3/10, n/45. $360 of the merchandise was damaged in transit and must be returned. What is the amount due if paid on July 25?

All-Ways Green Gardens buys plants with a list price of $15,000. If the supplier extends trade discounts of 20/15/1, what is the trade discount amount?

Conan purchases chocolate having an invoice price of $23,700. The terms of sale are 20/11, n/30. What is the cash discount if the bill is paid by the 10th day?

Find the total for the invoice below: $\begin{array} { | l | l | l | l | l | l | } \hline \text { Stock \# } & \text { Quantity } & \text { Unit } & \text { Description } & \text { Unit Price } & \text { Total } \\\hline 6729 & 20 & \text { ea. } & 15 ^ { \prime \prime } \text { Monitor } & \$ 349.00 & \\\hline 1259 & 22 & \text { ea. } & \text { Cable } & 14.00 & \\\hline 1152 & 25 & \text { ea. } & \text { SCSI card } & 149.00 & \\\hline & & & & \text { Invoice Subtotal } & \\\hline & & & & \text { Shipping Charges } & \$ 580.00 \\\hline & & & & \text { Invoice Total } & \\\hline\end{array}$

Rave-Up Party Store buys some goods with a list price of $5,900. The supplier extends a $12 \frac { 1 } { 4 } \%$ trade discount rate. What is the amount of the trade discount?

A small retailer buys goods from a vendor with an invoice amount of $9,100. The terms of the sale are 2/10, n/30. What is the net amount due on the goods if the bill is paid by the 10th day?

Hard Blues Music buys CDs with a list price of $32,000. If the wholesaler offers trade discounts of 3/2/1, find the net price factor.

Dante's Wholesaler buys some goods with a list price of $4,400. The supplier extends a 10.25% trade discount to a customer. What is the amount of the trade discount?

Calculate the net price factor and net price using the complement method, rounding to the nearest cent: $\begin{array} { l l l l } \text { List Price } & \text { Trade Discount Rate } & \text { Net Price Factor } & \text { Net Price } \\\$ 1,046.20 & 16.6 \%\end{array}$

Calculate the trade discount amount of merchandise with a list price of $7,000 less trade discounts of 40/25/15.