**Q. 7:** Find the complement rates (where none exists, enter an "*") and the net price using the complement method. Do not round until the final answer.| | | | Complement Rates | | ||------------------|--------------------------|---------------|------------------|---------|----------------|| **List Price** | **Trade Discounts** | **First** | **Second** | **Third** | **Net Price** || $2,800 | 25%, 15%, 10% | | | | |**Explanation:**- **List Price**: The original price of the item is $2,800.- **Trade Discounts**: The discounts provided are sequentially 25%, 15%, and 10%.- **Complement Rates**: To find these, subtract each discount from 100%. If no further discount exists for a position, enter an "*".- **Net Price**: This is the price after applying all three discount rates using the complement method.To solve, find each complement rate:1. **First complement rate**: $100\% - 25\% = 75\%$2. **Second complement rate**: $100\% - 15\% = 85\%$3. **Third complement rate**: $100\% - 10\% = 90\%$Calculate the net price by multiplying the list price by the complement rates:\[\text{Net Price} = 2800 \times 0.75 \times 0.85 \times 0.90\]

The amount at which a good or service is sold after deducting all discounts and adding all…

Q. 7. Find the complement rates (where none exists, enter an "*") and the net price using the complement method. Do not round until the final answer. List Price $2,800 Trade Discounts 25%, 15%, 10% First Complement Rates Second Third Net Price

Q. 7. Find the complement rates (where none exists, enter an "*") and the net price using the complement method. Do not round until the final answer. List Price $2,800 Trade Discounts 25%, 15%, 10% First Complement Rates Second Third Net Price

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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