b. What percent is the rebate?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The original price of a Honda Shadow to the dealer was $17,045, but the dealer will pay only $16,335 after rebate. If the dealer pays
Honda within 15 days, there is a 1% cash discount.
a. How much is the rebate?
Answer is complete and correct.
Amount of rebate
$
710
b. What percent is the rebate?
Note: Round your answer to the nearest hundredth percent.
X Answer is complete but not entirely correct.
Percentage of rebate
4.00 × %
Transcribed Image Text:The original price of a Honda Shadow to the dealer was $17,045, but the dealer will pay only $16,335 after rebate. If the dealer pays Honda within 15 days, there is a 1% cash discount. a. How much is the rebate? Answer is complete and correct. Amount of rebate $ 710 b. What percent is the rebate? Note: Round your answer to the nearest hundredth percent. X Answer is complete but not entirely correct. Percentage of rebate 4.00 × %
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59 televisions at a cost of $125 each.
Century received a 12/2/5 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $119 freight. Terms were 3/10
EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $250
partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes.
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Final payment
Transcribed Image Text:On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59 televisions at a cost of $125 each. Century received a 12/2/5 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $119 freight. Terms were 3/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $250 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Final payment
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