**Topic: Computing Complement Rate and Net Price Using the Complement Method****Problem Statement:**2. Compute the complement rate and the net price using the complement method.| | | Complement | Net ||----------------|----------------|------------------|----------------|| **List Price** | **Trade Discount** | **Rate** | **Price** || $4,250 | 35% | | |**Options:**a. Complement Rate: 75%; Net Price: $3,187.50b. Complement Rate: 35%; Net Price: $2,762.50c. Complement Rate: 35%; Net Price: $1,487.50d. Complement Rate: 65%; Net Price: $2,762.50**Explanation:**- **Complement Rate**: This is calculated as 100% minus the trade discount percentage. In this case, it’s 100% - 35% = 65%.- **Net Price Calculation**: Multiply the list price by the complement rate to find the net price.Given that the list price is $4,250 and the trade discount is 35%, the correct calculation would be:\[ \text{Net Price} = \$4,250 \times 65\% = \$2,762.50 \]Thus, the correct answer is option d:- Complement Rate: 65%- Net Price: $2,762.50

2. Compute the complement rate and the net price using the complement method. Trade Discount List Price $4,250 35% Complement Rate a. Complement Rate: 75%; Net Price $3,187.50 D. Complement Rate: 35%; Net Price $2,762.50 . Complement Rate: 35%; Net Price $1,487.50 - Complement Rate: 65%; Net Price $2,762.50 Net Price

2. Compute the complement rate and the net price using the complement method. Trade Discount List Price $4,250 35% Complement Rate a. Complement Rate: 75%; Net Price $3,187.50 D. Complement Rate: 35%; Net Price $2,762.50 . Complement Rate: 35%; Net Price $1,487.50 - Complement Rate: 65%; Net Price $2,762.50 Net Price

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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