Business Math: Ch. 7 Homework

Levin Furniture buys a living room set with a $4,000 list price and a 55% trade discount. Freight (FOB shipping point) of $50 is not part of the list price. What is the delivered price (including freight) of the living room set, assuming a cash discount of 2/10, n/30, ROG? The invoice had an April 8 date. Levin received the goods on April 19 and paid the invoice on April 25.

Delivered price $ 1814

On March 30, Century Television received an invoice dated March 28 from ACME Manufacturing for 50 televisions at a cost of $125 each. Century received a 10/4/2 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $70 freight. Terms were 2/10 EOM. When Century received the goods, 3 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $150 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. (Round your answer to the nearest cent.)

Final payment $ 4794.99

Majestic Manufacturing sold Jordans Furniture a living room set for an $8,500 list price with 35% trade discount. The $100 freight (FOB shipping point) was not part of the list price. Terms were 3/10, n/30 ROG. The invoice date was May 30. Jordans received the goods on July 18 and paid the invoice on July 20. What was the final price (include cost of freight) of the living room set? (Round your answer to the nearest cent.)

Final price $ 5,459.25

Boeing Truck Company received an invoice showing 8 tires at $110 each, 12 tires at $160 each, and 15 tires at $180 each. Shipping terms are FOB shipping point. Freight is $400; trade discount is 10/5; and a cash discount of 2/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay? (Do not round intermediate calculations. Round your final answer to the nearest cent.)

Payable amount $ 5008.45

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,000 list price. Bally dated the invoice July 23 with 2/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 5. On August 1, Intel Corporation returns $100 of the machinery due to defects. What does Intel pay Bally on August 5? (Round your answer to the nearest cent.)

Payable amount $ 8,173.20

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,000 list price. Bally dated the invoice July 23 with 2/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 5. What does Intel pay Bally?

Payable amount $ 8,232

Macy of New York sold LeeCo. of Chicago office equipment with a $6,000 list price. Sale terms were 3/10, n/30 FOB New York. Macy agreed to prepay the $30 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy?

Payable amount $5,850

Lucky you! You went to couponcabin.com and found a 20% off coupon to your significant other's favorite store. Armed with that coupon, you went to the store only to find a storewide sale offering 10% off everything in the store. In addition, your credit card has a special offer that allows you to save 10% if you use your credit card for all purchases that day. Using your credit card, what will you pay before tax for the $155 gift you found? Use the single equivalent discount to calculate how much you save and then calculate your final price. (Do not round intermediate calculations. Round your final answers to the nearest cent.)

Savings $54.56 Final price $100.44

The original price of a 2015 Honda Insight to the dealer is $17,995, but the dealer will pay only $16,495 after rebate. If the dealer pays Honda within 15 days, there is a 1% cash discount. a. How much is the rebate? b. What percent is the rebate? (Round your answer to the nearest hundredth percent.) c. What is the amount of the cash discount if the dealer pays within 15 days? (Round your answer to the nearest cent.) d. What is the dealer's final price? (Round your answer to the nearest cent.) e. What is the dealer's total savings? (Round your answer to the nearest cent.)

a. Amount of rebate $1,500 b. What percent is the rebate? (Round your answer to the nearest hundredth percent.) 8.34% c. What is the amount of the cash discount if the dealer pays within 15 days? (Round your answer to the nearest cent.) 164.95 d. What is the dealer's final price? (Round your answer to the nearest cent.) 16,330.05 e. What is the dealer's total savings? (Round your answer to the nearest cent.) 1,664.95

Stacy's Dress Shop received a $1,050 invoice dated July 8 with 2/10, 1/15, n/60 terms. On July 22, Stacy's sent a $242 partial payment. (If more than one discount, assume date of last discount) a. What credit should Stacy's receive? (Round your answer to the nearest cent.) b. What is Stacy's outstanding balance? (Round your answer to the nearest cent.)

a. Credit $ 244.44 b. Outstanding balance $ 805.56

Vail Ski Shop received a $1,201 invoice dated July 8 with 2/10, 1/15, n/60 terms. On July 22, Vail sent a $485 partial payment. (If more than one discount, assume date of last discount) a. What credit should Vail receive? (Round your answer to the nearest cent.) b. What is Vail's outstanding balance? (Round your answer to the nearest cent.)

a. Credit $ 489.90 b. Outstanding balance $ 711.10

Sam's Ski Boards.com offers 5/4/1 chain discounts to many of its customers. The Ski Hut ordered 20 ski boards with a total list price of $1,200. a. What is the net price of the ski boards? (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. What was the trade discount amount? (Do not round intermediate calculations. Round your final answer to the nearest cent.)

a. Net price $ 1,083.46 b. Trade discount amount $ 116.54

A manufacturer of skateboards offered a 5/2/1 chain discount to many customers. Bob's Sporting Goods ordered 20 skateboards for a total $625 list price. a. What was the net price of the skateboards? (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. What was the trade discount amount? (Do not round intermediate calculations. Round your final answer to the nearest cent.)

a. Net price $ 576.06 b. Trade discount $ 48.94

Living Ornaments is offering a special for wedding planners. Wedding flower orders totaling over $500 receive a 10% discount, over $750 a 15% discount, over $1,000 a 20% discount. All orders $1,500 and above receive a 25% discount. The delivery charge is $75 on weekdays and $125 on weekends. Terms are 2/10 EOM. WeddingsRUs placed an order for Thursday, June 1, delivery. The list price on the chosen flowers totals $848.50. (Do not round intermediate calculations. Round your answer to the nearest cent.) a. Calculate the trade discount and the net price for the flowers to be delivered. b. How much does WeddingsRUs owe if they pay the invoice on July 10?

a1. Trade discount $127.28 a2. Net price $ 721.22 b. payable amount $ 781.80