1- Scarlet Company received an invoice for $71,000.00 that had payment terms of 4/5 n/30. If it made a partial payment of $17,700.00 during the discount period, calculate the balance of the invoice.

Round to the nearest cent

2- Miguel received an invoice for $5,000 that had payment terms of 4/10 n/30. He made a partial payment of $2,500 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 $34,800, $26,000, and $41,250 were received on July 8, 2014, August 7, 2014, and August 30, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on September 6, 2014 to settle all three invoices.

Round to the nearest cent

4- A computer assembly firm purchases computer parts at $220 per computer. The operating expenses are 26% on cost and rate of markup is 60% on cost.

a. What is the selling price of each computer?

Round to the nearest cent

b. What is the operating profit per computer?

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.	$62.00			%	28.00%

6-Rolf's Golf store sells golf balls for $28 per dozen. The store's overhead expenses are 28% of cost and the owners require a profit of 21% of cost.

a. How much does Rolf's Golf store buy the golf balls for?

$ per dozen

Round to the nearest cent

b. What is the price needed to cover all the costs and expenses?

$

Round to the nearest cent

c. What is the highest rate of markdown at which the store will still break even?

%

Round to two decimal places

d. What markdown rate would price the golf balls at cost?

%

Round to two decimal places