Answered: A discount clothing store buys shirts…

A discount clothing store buys shirts and slacks with a list price of $12,750. If the wholesaler offers trade discounts of 15/25/15. Find the single equivalent discount.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 4Q: If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the...

See similar textbooks

Related questions

Q: Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios…

A: In order to determine the equivalent discount, we need to compute the net factor payments.

Q: Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios…

A: Trade discount: It is the reduction in the retail price when manufacture sell product to the…

Q: Given the following data on a hardware item stocked by Andreas Wieland's paint store in Copenhagen,…

A: Economic order quantity is a technique of measuring the most economical and feasible order size. The…

Q: Walmart sells a bike that cost $100 to a customer for $250 cash. Using a perpetual inventory system,…

A: Under a traditional periodic Inventory System, the inventories are recorded by physical counting on…

Q: A photographer buys some merchandise with a list price of $9,000. If the supplier offers trade…

A: Trade discount is given at the time of sale while cash discount given at the time of end payment.…

Q: A boutique buys some merchandise with a list price of $3,800. If the wholesaler extends a 30% trade…

A: Trade discount is the rate by which list price is reduced.

Q: Easy Patterns Fabric buys merchandise with a list price of $5,500. Use the net price, complement…

A: Trade discount is considered as a reduction in the price of goods because of company policy. It is…

Q: e discount rates of plement method.

A: Introduction: Net price factor is a method of business promotion that is used by companies in order…

Q: A student prepared the following spreadsheet model to calculate the final price of clothing items…

A: In this question, the formulas are given in an excel spreadsheet, and on the basis of these formulas…

Q: What is the trade discount amount? what is the net price of the iPad?

A: List price = $300 Trade discount in % = 5% Trade discount in amount = List price * Trade discount in…

Q: Best Buy buys an iPad from a wholesaler with a $300 list price and a 5% trade discount a. What is…

A: Variables in the question:List price=$300 Trade discount =5%

Q: you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated…

A: List Price = $455 Trade Discount = 25% Invoice Date= October 3 Credit Terms = 3/15, n/45

Q: A discount clothing store buys shirts and slacks with a list price of $14,750. If the wholesaler…

A: Single equivalent discount = 1 - [(1 - first discount) x (1 - second discount) x (1 - third…

Q: A tire store advertises all tires at a 25% discount. Find the original price of a tire with a sales…

A: Discounts are generally offered and given to buyers in order to promote sales. It can be cash…

Q: Main Street Distributors, a wholesale firm, made sales using the following list prices and trade…

A: Trade discount is a type of discount which is provided on list price of the product. This type of…

Q: Your firm sells home appliances at retail. When ordering washingmachines from the manufacturer, you…

A: Trade discount is the discount provided by the traded on purchasing the large quantity of goods. In…

Q: Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the…

A: Solution: a) & b) Date Particulars Debit Credit Account Receivable A/c 4,200 To…

Q: thase. If Bib's Meats picks up an order of meat that cost $450 and tely, what will they pay for the…

A: In this we have to calculate the discount on the purchase.

Q: Easy Patterns Fabric buys merchandise with a list price of $9,500. Use the net price, complement…

A: The complement of your trade- discount rate is 100 percent minus the discount rate. This is…

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

Q: A merchant buys a sweatshirt for $15 and has a dollar markup of $14.95. what is the retail price? O…

A: The price at which an entity sells its goods is referred to as the retail price. It is the price…

Q: Kate sells goods to local customers. The following sales were made during May 2020: Retail price S…

A: Subsidiary books: The transactions that are quite similar in nature recorded in the books called…

Q: A craft shop buys stuffed animals with a list price of $6,000. If the wholesaler offers trade…

A: wholesale offer discounts to increase the sales.

Q: Suppose you are the buyer for the housewares department of a department store. A number of vendors…

A: Net price = Price ×(1-discount rate)

Q: A photographer buys some merchandise with a list price of $5,000. If the supplier offers trade…

A: Formula: Trade discount amount = Invoice amount x Discount rate Multiplying invoice amount with…

Q: A wholesaler gives trade discounts 30%, 11% and 3% to his regular customers. a) Find the single…

A: Trade discount is that discount which is given to all the customers on the list price of the…

Q: 1. Which one of the following stores offers the best credit terms if you do not plan on taking the…

A: Credit terms refer to an offer or indication of when the payment from the customer is due on the…

Q: Record the transaction for merchandising. 1. a. You buy 3 skids of 10 boxes per skid for $700…

A: Journal entries are the initial entries passed in the books of accounts to record the transaction…

Q: The vendor shipped and invoiced the following goods on June 7: 200 folding chairs at $50 list…

A: Trade discounts are applied on list price. Trade discount = List price * trade discount % =…

Q: A flower shop buys roses with list price of $1500 and trade discounts of 30/21/10 find the trade…

A: Given, List Price = $1,500 Trade Discount Rate = 30/21/10

Q: A retailer ordered 20 sets of dining table and received an invoice dated 25 March 2009 for RM15,000…

A: (i) As the term of the cash discounts are 7/15, n/30, which means that if payment is made within 15…

Q: a. Calculate the equivalent discount rate that represents these three discounts. % Round to two…

A: In case of 3 discounts, suppose x%, y%, z%, First of all we calculate a discount rate using first 2…

Q: Find the net price for an order of tires with a list price of $13,000, less trade discounts of…

A: A trade discount is a reduction in price which is given by the seller to the buyer. List price…

Q: virtual reality headset lists for $619. Find the net cost after trade discounts if the series…

A: Concept: Series discount are chain of discounts which are used to be given to customers to attract…

Question

A discount clothing store buys shirts and slacks with a list price of $12,750. If the wholesaler offers trade discounts of 15/25/15. Find the single equivalent discount.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A photographer buys some merchandise with a list price of $5,000. If the supplier offers trade discount rates of 20/15/10, find the trade discount (in $). (Find the single equivalent discount first.)
A photographer buys some merchandise with a list price of $9,000. If the supplier offers trade discount rates of 20/15/10, find the trade discount (in $). (Find the single equivalent discount first.) Single equivalent discount Trade discount
JoAnne's Fabric buys merchandise with a list price of $12,400. Use the complement method to find the net price if the wholesaler offers trade discounts of 15/20/5. (Round to the nearest penny)
A photographer buys some merchandise with a list price of $5,000. If the supplier offers trade discount rates of 20/10/5, find the trade discount (in $). (Find the single equivalent discount first.) Single equivalent discount Trade discount Need Help? Read It Master It Watch It
A boutique buys some merchandise with a list price of $3,800. If the wholesaler extends a 30% trade discount rate, find the trade discount (in $).
Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List 150 300 18 12 ea. ea. doz. Blenders Toasters Coffee Mills doz. Juicers $39.95 Trade Discounts $244.30 20/15/15 $37.88 20/10/10 30/9/6 $480.00 25/10/5 Invoice subtotal LA 1 Extra 5 % volume discount on total order $ 2 Invoice total $ +A Extended Total
A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period (Round your answer to the nearest dollar)?
A wholesale firm made sales with the following list prices and trade discounts. Calculate the amount the firm will use to record each sale in the sales journal. A. List price of $1,700 and trade discount of 55 percent. B. List price of $1,300 and trade discount of 45 percent. C. List Price of $2,200 and trade discounts of 30 and 20 percent. (Round your answer to 2 decimal places.) A. Amount B. Amount C. Amount
Easy Patterns Fabric buys merchandise with a list price of $9,500. Use the net price, complement method to find the net price if the wholesaler offers trade discounts of 25/10/5. (Round to the nearest peuty) a) $6,091.88 b) $6.900.35 c) $5,622.03 d) $4,700.05
1.Find the net price of a shirt listed 925. The retailer is granted a 20% trade discount. 2. What is the single rate equivalent to the discount series of 20%, 15% and 10% ? Please answer it completely. Thanks tutor.
Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.)
An automobile ski rack is sold to stores at a wholesale price of $38. If a store has a $23 markup, what is the retail price of the ski rack? Find the percent of the markup, to the nearest percent.