Exam 6: Trade Discounts, Cash Discounts, Markup, and Markdown

HON received an invoice from its supplier on May 9 for $32 479.87 dated May 7 with terms 3/10, 1/20, n/60. HON pays $15,000 on May 11, $10 000 on May 13 and $2000 on May 21. What balance is still owed after May 30?

A value-oriented store buys video recorders for $230.75 less 42%, 11.5%. Expenses are 65% of normal selling price and the required profit is 13% of normal selling price. All merchandise is marked so that the store can advertise a discount of 55%, while still maintaining its regular margin. During the annual clearance sale, the price of the unsold item is marked down 70%. What operating profit or loss is made by the store on items sold during the sale?

Wayne's Pet Supplies sells dog food for $84.50 per 10-kg bag. The markup is 62% of cost. How much does the store pay for this bag of dog food?

A calculator that cost $48.50 was sold for $65.96. Calculate the rate of mark-up based on cost price.

A gas generator cost a retailer $400.00 less 20%, 17%, 3%. It carries a regular selling price on its price tag at a markup of 90% of the regular selling price. During the end-of-season sale, the gas generator is marked down 40%. What is the end-of-season sale price?

Determine the equivalent single rate of discount for each of the following series of discounts. a)18 %, 4.5% b)36%, 7 %, 1.5%

An invoice shows a net price of $231.88 after discounts of 17.8%, 8.6%, 6.3%. What was the list price?

The Local Dollar Store received an invoice for $8500.00 dated January 31, terms 5/10, 2/30, n/90, for a shipment of skis. The Local Dollar Store made two partial payments. a)How much was paid on February 7 to reduce the unpaid balance to $5000.00? b)How much was paid on March 1 to reduce the outstanding balance by $1500.00? c)What was the outstanding balance on the account on March 2? d)How much did the Local Dollar Store save by taking the advantage of the cash discounts?

Sonia receives an invoice for $981.50 dated September 30, with terms 5/10, 2/20, n/60. She decides to pay it in full on October 25. What is the total amount paid to settle the account?

A drone at Future-is-Yours store, costing $1050.00 was marked up to reflect 70% of the selling price. Calculate the selling price.

Kalotyre retails its Bridgestone tires at $141.67 each. They purchase the tires from the factory for $103.11 each. Overhead expenses are 20% of the selling price. Determine the operating profit per tire.

A retailer bought 10 000 units of cell phone cases for $55 000.00. On delivery, it was realized that not all the cases were of the same quality. Hence they were classified as high quality, average quality and poor quality. The 4200 high quality cases were sold at a markup of 120% of cost, the 2800 average quality cases were sold at a markup of 80% of the cost, and the remaining were sold at cost price. a)What is the unit selling price at which each of the three classifications were sold? b)If overhead is 18% of the cost, what is the amount of profit realized on the purchase?

Compute the rate of discount allowed on a cordless drill that lists for $149.99 and is sold for $79.99.

The Snow Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30, n/90, for a shipment of skis. The Ski Shop made two partial payments. a)How much was paid July 20 to reduce the unpaid balance to $4000.00? b)How much was paid on August 11 to reduce the outstanding balance by $1700.00?

What is the regular selling price of an item that cost $1345.00 if the markup is 27% of the regular selling price?

A store advertises a discount of $54.72 on sandals. If the discount is 33.5%, for how much were the sandals sold?

Sean's Hardware Supplies sells a snowblower for $750.99. The markup is 70% of cost. a)How much does the store pay for this snowblower? b)What is the rate of markup based on selling price?

Lumber King sells 2x4 studs for $3.15 each less 15%. Its competitors across town offer the same stud for $3.55 less 22%, 18%. What additional rate of discount must Lumber King offer to meet the competitor's price?

To increase their sales compared their online competition, a toy shop marks down the regular price of $49.99 of a popular toy by 25%. a)What is the markdown amount in this case? b)What is the new (sale)price of the toy?

An article cost $4270.00 and was sold for $9947.00. What was the percent markup based on selling price (correct to the