Answered: 1. What was the trade discount rate if…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

2. Find the amount of income tax withheld from Sun Jung's monthly paycheck of $8,612.50 using the percentage method tables in Exhibits 9-1 and 9-2 from your text. Sun Jung is single and claims 2 withholding allowances.

A) $1,156.36

B) $1,279.24

C) $1605.86

D) $1,754.27

3. Vivian's Linens purchases towels with an invoice price of $22,700, and terms of sale of 4/10, n/30. What is the net amount due on the order if a partial payment of $10,300 is made on the 10th day?

A) $11,970.83

B) $12,365.47

C) $10,155.00

D) $11,988.00

4. What was the trade discount rate if merchandise with a list price of $85,100 was sold at a net price of $63,825?

5. Cross receives a monthly paycheck from a bakery plant of $3,500.30. She is married and is entitled to 3 withholding allowances. How much is her taxable income? Use the percentage method tables in Exhibits 9-1 and 9-2 from your text.

A) $2,512.70

B) $3,044.06

C) $3,079.16

D) $3,289.73

Group of answer ch$1,156.36$1,279.24 $1,605.86 $1,754.

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