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Exam 7: Invoices, Trade Discounts, and Cash Discounts

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Question 61

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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?

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Question 62

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

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Question 63

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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?

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

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?

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

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. ​

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?

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

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?

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.

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?

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

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

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 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?

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.

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?