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

Determine the equivalent single rate of discount for the following series of discounts: 15%, 12.5%, 8%.

Daffodil Supplies received a partial payment of $2300.50 from J&K Landscape company on June 7 on an invoice of $7539 dated May 12, terms 5/10, 3/30, n/60. a)For how much should the Daffodil Supplies credit J&K Landscape's account for the payment? b)How much does J&K Landscape still owe on the invoice?

A bed and bedding store sold a futon regularly priced for $330.00 for $240.00. The futon was originally purchased for $200.00 less 60%. The store's overhead is 25% of the regular selling price. a)Calculate the rate of markdown at which the futon was sold. b)Calculate the operating profit or loss at the sale price.

Determine the equivalent single rate of discount for the following series of discounts. Discount of 17.25%, 14.7% and 16.37%.

Determine the net price of a heavy machinery equipment listed at $24,500 less 22%, 12.5%

A bike shop reduces the price of a bike for quick sale from $455.00 to $395.00. Compute the markdown correct to the

Ice-Time purchased hockey skates for $220.00 less 12% and 7%. Expenses are 22% of the cost and the required profit is 45% of the cost. At the end of the winter season, the unsold skates were advertised at a discount of 50%. What operating profit or loss was realized on the sets sold at the end of the season?

An answering machine cost a dealer $220.00 less 31.5%, 7%. It is regularly priced at $212.00. The dealer's overhead is 17% of the regular selling price and the answering machine was cleared out for $175.45. a)What is the regular markup based on selling price? b)What was the rate of markdown at which the answering machine was sold? c)What was the operating profit or loss? d)What rate of markup based on cost was realized?

Ward's Jewellers sells engagement rings for $2350.00 each less 20%. Its competitors across town offer the same ring for $2390.00 less 19%, 12%. What additional rate of discount must Ward's offer to meet the competitor's price?

An invoice for $2600.00, dated June 2, with terms 3/10, 1/30, n/60, was received on June 10. What payment must be made on June 11 to reduce the debt to $1250?