L-3en cataS Focus Oct 22-Nov..anceCommunity Web P.. 4 Online Digital Hall.8.3.3 Quiz: Car DealersQuestion 1 of 10A used car dealer has a vehicle on the lot whose sticker price says $6999. Ifthe dealer markup on used vehicles is 12%, how much did the dealer pay forthe car?A. $6499.15B. $6425C. $5000D. $6249.11← PREVIOUSDiscovery EducationhpSUBMIT

Sales Price in Cost Plus Mark up method = Cost + Cost * Markup

Answered: A used car dealer has a vehicle on the…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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4 Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2018. 01-19-27 Complete this question by entering your answers in the tabs below.
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A used car dealer has a vehicle on the lot whose sticker price says $6999. If the dealer markup on used vehicles is 12%, how much did the dealer pay for the car? OA. $6499.15 OB. $6425 O C. $5000 OD. $6249.11