A set of tools is worth P3,000.00 subject to 10%, 5% and 2% trade discounts. Determine the: a. single equivalent discount rate. (% in 2 decimal places) b. net invoice price. C. amount of trade discount.

A set of tools is worth P3,000.00 subject to 10%, 5% and 2% trade discounts. Determine the: a. single equivalent discount rate. (% in 2 decimal places) b. net invoice price. C. amount of trade discount.

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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Question

A set of tools is worth P3,000.00 subject to 10%, 5% and 2% trade discounts.
Determine the:
a. single equivalent discount rate. (% in 2 decimal places)
b. net invoice price.
C. amount of trade discount.

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