Answered: After a 35/20 trade discount, a kitchen…

Business

Accounting

After a 35/20 trade discount, a kitchen appliance store paid $40. What was the list price?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A school canteen sold hot cakes at P0.55 each. How many were sold if the sale was P18.70?

A: Sales: It is an activity where the goods and services are sold to the customer for a certain price.…

Q: A local Barnes and Noble paid a $80.50 net price for each hardbound atlas. The publisher offered a…

A: Net price is the price of the product at which the customer buys it and the List price is the…

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: Would you please help me with this The BEV Toy Shop purchased 50 wagons at $45 per wagon less a…

A: Compute reduced list price per wagon as follows:

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: An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is…

A: The following Free on board agreements is given to the trader as per the quantity purchased.

Q: A small retailer buys goods from a vendor with an invoice amount of $9,300. The terms of the sale…

A: The term indicates that if the buyer paid his dues within stipulated time then he is eligible for…

Q: A wholesaler sells a guitar for $1,212.70. What is the percent markup based on cost if the…

A: The excess amount of selling price over the cost price of the goods and services is term as 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 retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Inventory sold on credit is worth $650. The terms of Inventory is 3/10 which means if the inventory…

Q: Skis are listed by a manufacturer for $860, less trade discounts of 35% and 17%. What further rate…

A: This is a case of three successive discounts.Successive discounts means discount on the discount.We…

Q: Scenario: You sold $30,000 worth of finished goods and $1,000 worth of trading goods to a customer…

A: Shipping can consist of two terms of trade. Either FOB Shipping point or FOB Destination point. In…

Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business…

A: Formula: Cash discount: Goods sold on credit base. If the amount paid with in the discount period…

Q: At a 15% discount, a pair of shoes cost was $38.7. What was the regular price (without discount)?…

A: Regular price = Price after discount / (100 - Discount %)

Q: A home decorating store carries handmade floor tile with a markup of 3131% on the selling price. If…

A: The objective of the question is to find the selling price, the cost, and the cost as a percent of…

Q: A retailer purchased an item from the wholesaler for OMR 1000. If the retailer sells the same item…

A: Purchase price of retailer = OMR 1000 Sales price of retailer = OMR 1500 Tax rate = 10%

Q: A box of cereal was marked down $0.72. If it usually costs $3.60, what is the percent of discount?…

A: Discount is the reduction or deduction from selling price of the product. Discount is generally…

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 manufacturer sells an item with a list price of $335 to a distributor. The distributor receives a…

A: Trade discount :— It is calculated by multiplying list price with trade discount rate. Discounted…

Q: Buyer A bought 20 pcs of product Z from Seller B with the following information: Selling price,…

A: Inventory- Inventory refers to the physical stock of items owned by a company at any given time.

Q: A dress has a selling price of 600 and a mark up rate based on selling price of 22%. What is the…

A: Selling price = 600 Mark up rate on selling price = 22%

Q: If a hat costs $4.20 after a 40% discount, what was its original price?

A: Discount means reduction in sales price of the product which is being sold to customer. It can be…

Q: they sell by marking up its cost at wholesale a full 100%. If they had a sale with all items marked…

A: Step 1 In cost, there are two types of profit percentage method generally, which is based on On…

Q: You place an order for 470 units of inventory at a unit price of $175. The supplier offers terms of…

A: According to bartleby guidelines , if question involves multiple sub parts , then 1st sub 3 parts…

Q: You place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of…

A: 1/15, net 90 means if the amount due is paid within 15 days, the customer will get 1% discount,…

Q: Find the net cost (invoice amount) for the following. Round to the nearest cent. LIST PRICE: $790…

A: List price is orginal price quoted by seller before any discount and other adjustment. Invoice price…

Q: Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB…

A: Formula to Calculate net cost of Merchandise (Paid within the period):Net cost of merchandise =…

Q: A mathematics book cost the store manager 161 and he marked it up another 89. What was the selling…

A: Sales price of the product means price at which goods are being sold. It includes cost price of the…

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: 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: A dress has a selling price of 1,800. It's mark up based on selling price is 17%. What is the…

A: Selling price = 1800 Mark up based on selling price = 17%

Q: Sharma Kennels buys some items with a list price of $4,100. The supplier extends a 40% trade…

A: The net price is the value at which, after all taxes and other expenses are applied and all…

Q: furniture store bought some bookcases at $79 each, after a trade discount of 55%. What was the list…

A: Price you pay = list price(1- discount) List price is full price without providing any discounts.…

Q: Towards the end of winter, a distributor is selling its leather jackets that were listed for $500…

A: The trade discount is an reduction in the listed price of a product or service offered by a seller…

Q: Bolton sold merchandise with a price of $34,200 to Sammy's Wholesale Company. Bolton offered terms…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

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

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

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

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: A company purchases merchandise for $29,500. The seller also offers credit terms of 2/10, n/30.…

A: Step 1:Since the payment for the merchandise purchase is made within the discount period, the buyer…

Q: The home office ships merchandise to the branch at 25 percent above cost. At what amount should the…

A: >There are various transactions that are being carried out between the Home Office and its…

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

A: There are three consecutive discounts are given here, the ne price factor can be calculated by using…

Q: Towards the end of winter, a distributor is selling its leather jackets that were listed for $620…

A: a. The $620 initial price of the leather jacket can be subtracted from each subsequent markdown to…

Question

After a 35/20 trade discount, a kitchen appliance store paid $40. What was the list price?

Expert Solution

Step 1

Trade Discount:-Trade discount is the discount which the manufacturer provides to the seller on the product price in order to increase sales volume when the seller purchase in bulk quantity.

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 grocery store is selling hamburger at $1.35 per pound (Ib). What is the price of 3 pounds (Ibs ) of hamburger?
Given the following data, what is the gross profit as determined under the FIFO method if ZYZ's Hair Supplies sold 100 bottles of shampoo for $19 per bottle? Number of Units Information Unit Cost Beginning Inventory on 1/1 50 $6 Inventory Purchases on 1/5 80 $10 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 E3 f6 X f7 f9 f10 f11 & 4 5 7 8 96 远图 %24
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 discount store buys a piece of luggage whose list price is $80. They receive a 40% trade discount. What is their net cost?"
7. Wicker Book Store has paperback books marked down 20%. What is the sale price of three books that regularly sell for $4.95, $3.55, and $2.85? 8. During a September Sale. Corfman Camper Supply has marked down all items 30%. Jill Miller purchases a de and a set or barbecueto ells for $74.88 the total sale price?
Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise for $50,000 to a customer on account with terms of 2/15, n/30. The allowance and returns on this sale amounted to $2,000 and $8,000, respectively. The inventory return was worth $4,320. The cost of goods sold was $27,000. On April 20, Small Musical received payment from the customer. Calculate the amount of gross profit.
Information for number 6 and 7 An offer from the supplier to pay the materials ahead of time is Terms= 3/15, net 30. The materials cost to be purchased amounts $ 50,000. 6. Compute for the cost of the discount 7. If you are the business owner, will you take the discount or pay after the discount?
A craft shop buys stuffed animals with a list price of $6,000. If the wholesaler offers trade discounts of 35/35/35, find the net price factor. a. 0.04288 b. 0.21600 c. 0.27463 d. 0.34300
Suppose you are the buyer for the housewares department of a department store. A number of vendors in your area carry similar lines of merchandise. On sets of microwavable serving bowls, Brand A offers a list price of $400 per dozen less a 35% trade discount. Brand B offers a similar set for a list price of $425 less a 42% trade discount. (a) Which vendor is offering the lower net price? Brand A Brand B (b) If you order 500 dozen sets of the bowls, how much money (in $) will be saved by using the lower-priced vendor?
1. A product is listed for wholesale at $100. It's sold to a supplier with a 20% mark-up, and then resold to a customer with an additional 50% mark-up. How much has the item been marked up from the wholesale cost?
CompuFit Outlet buys portable hard-disks for $540 each and has a rate of markup of 52% of the selling price. During a sale, it offers a markdown of 75%. a. Calculate the regular selling price. Round to the nearest cent b. Calculate the reduced selling price. Round to the nearest cent
A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what is the net cost of the merchandise?