A specialty shop procures several antique clocks for $5,000 apiece and offers them to customers for $7,150 each. What is the mark-up, as a percentage?
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A specialty shop procures several antique clocks for $5,000 apiece and offers them to customers for $7,150 each. What is the mark-up, as a percentage?
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- Neal's Photographic Supplied sells a Pentax camera for 440.98. The markup is 86% of cost. How much does the store pay for this camera? What is the markup based on selling price? (A percentage correct to 2 decimal places.)Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.You buy goods for $3,000 and receive a voucher for $500 off your next purchase within 30 days. Based on historical experience, the vendor estimates that 90% of its customers use these vouchers. How much revenue should the vendor recognize immediately at the time of your original purchase?
- The supplier of the bath towel is offering a discount of $25 off each order if orders are placed in quantities of 500. Should the department store place orders for 500 units?A motorcycle shop pays its wholesaler Php 4,500 for a certain helmet, and then sells it to a customer for Php 7.500 What is the mark-up rate?You buy goods with a list price of $500. You return goods that are defective, having a list price of $60. You are entitled to a trade discount of 30%. The seller paid $20 freight on your behalf and added the amount to the invoice. You are offered a 4% cash discount if you pay the invoice within 15 days. What is the net amount you should pay the supplier if you pay within the discount period?
- On March 1, Bates Board Shop sells 351 surfboards to a local lifeguard station at a sales price of $303 per board. The cost to Bates is $158 per board. The terms of the sale are 5/15, n/30, with an invoice date of March 1. If the customer made the payment on March 20, how much cash did Bates Board Shop receive? Round to the nearest penny, two decimal places.A shopkeeper pays 24 RO VAT. He sells the product to the customer for 730 RO. The sales tax is 8%. What price did the shopkeeper pay for the product?Sears is running a special on fridge and dishwasher. Separately the fridge sells for $900 and the dishwasher is $1,000. Bundled together the sale price is $1,750. How much of the $1,750 should be allocated to each appliance? Round your answer to the nearest dollar. Do not round percentages. Fridge: Dishwasher:
- Jump & Play Inc. sold 10 outdoor playsets to BigMart Co. The playsets are listed at $1,500 each; Jump & Play offered a trade discount of 10% to BigMart Co. BigMart Co. retails the playsets to customers at a price of $1,800. If Jump & Play sells the playsets to BigMart on account, what is the receivable per playset that Jump & Play should record? Question 4 options: $1,800 $1,350 $1,500 $1,620Kane Candy Company sells candy bars for $1 each. In addition, Kane offers its customers a coffee mug in exchange for $2 and 10 candy wrappers. A coffee mug costs Kane $2.40, and the company estimates that customers will redeem 60 percent of the candy wrappers. During 2020, Kane purchased 720,000 mugs, sold 5,600,000 candy bars, and redeemed 2,800,000 candy wrappers. Instructions: 1. Prepare the journal entry to record the purchase of the coffee mugs. 2. Prepare the entry to record the sale of the candy bars. 3. Prepare the entry to record the redemption of candy wrappers, the receipt of $2 per 10 wrappers, and the delivery of the coffee mugs. 4. Prepare the adjusting entry to record additional premium expense and the estimated premium liability at Dec. 31, 2020. LKane Candy Company sells candy bars for $1 each. In addition, Kane offers its customers a coffee mug in exchange for $2 and 10 candy wrappers. A coffee mug costs Kane $2.40, and the company estimates that customers will redeem 60 percent of the candy wrappers. During 2020, Kane purchased 720,000 mugs, sold 5,600,000 candy bars, and redeemed 2,800,000 candy wrappers. Instructions: 1. Prepare the journal entry to record the purchase of the coffee mugs. 2. Prepare the entry to record the sale of the candy bars. 3. Prepare the entry to record the redemption of candy wrappers, the receipt of $2 per 10 wrappers, and the delivery of the coffee mugs. 4. Prepare the adjusting entry to record additional premium expense and the estimated premium liability at Dec. 31, 2020.