1- Scarlet Company received an invoice for $66,000.00 that had payment terms of 4/5 n/30. If it made a partial payment of $14,100.00 during the discount period, calculate the balance of the invoice.

Round to the nearest cent

2- Jessica received an invoice for $4,000 that had payment terms of 3/5 n/30. He made a partial payment of $2,000 during the discount period.

a. Calculate the amount credited.

Round to the nearest cent

b. Calculate the balance on the invoice after the partial payment was made.

Round to the nearest cent

3- Three invoices for the amounts of $35,700, $28,000, and $40,200 were received on July 26, 2014, August 25, 2014, and September 17, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on September 24, 2014 to settle all three invoices.

Round to the nearest cent

4- A clothing merchant purchases a shipment of clothes for $35,000.00 with discounts of 8.00% and 4.00%. He sells it to a customer at a price which includes 20.00% profit on selling price and overhead expenses of 24.00% on selling price.

a. How much did it cost him to purchase the container of clothes?

Round to the nearest cent

b. What was the selling price of the container of clothes?

Round to the nearest cent

5- Calculate the missing values and express your answers rounded to two decimal places.

	Cost	Amount of Markup	Selling Price	Rate of Markup on Cost	Rate of Markup on Selling Price
a.			$280.00	25.00%	%
b.	$54.00			%	24.00%

6- Standard Appliances obtains refrigerators for $1,490 less 28% and 8%. Standard's overhead is 16% of the selling price of $1,520. A scratched demonstrator unit from their floor display was cleared out for $1,155.

a. What is the regular rate of markup on cost?

%

Round to two decimal places

b. What is the rate of markdown on the demonstrator unit?

%

Round to two decimal places

c. What is the operating profit or loss on the demostrator unit?

Round to the nearest cent

d. What is the rate of markup on cost that was actually realized?

%

Round to two decimal places