Imagine you own a small business. Complete the billing invoice below based on your business and then answer the questions on the next page. PARTI: THE INVOICE All blanks must be completed. Decimals should be rounded to the nearest cent. Discount term should be a series discount. Payment terms should include EOM. Company Name 111 Corporate Drive CEO: Lexington, KY 40508 Your Name Billing Invoice For extra credit, add a company logo here! Sold To: Jane Doe 555 Any Lane Any City, KY 40511 Invoice Number 100234 Invoice Date Item Number Description Discount Terms: *Note: Shipping is a % of Net Cost Shipping Terms: FOB Destination Payment Terms: Unit Price Quantity Total $ $ $ S $ $ $ $ Subtotal: $ Trade Discount $ NET COST: S $ 6% Sales Tax: $ 8% Shipping* Prepay & Add $ Invoice Total: $ 1) What is the Net Cost Equivalent/Net Decimal Equivalent for your chosen discount terms? Write your answer as a decimal rounded to 5 places. 2) What is the total trade discount as a Single Discount Equivalent? Write your answer as a percent rounded to 3 places. 3) After subtracting trade discounts and adding tax and shipping, the invoice total is what percent of the subtotal? Does this represent an overall percent increase or percent decrease? 4) a. By what date would your invoice have to be paid to receive the maximum cash discount? b. By what date is the net amount due? 5) Using percent multipliers, calculate the net amount due (not including tax or shipping) if the invoice was paid in time to receive the maximum cash discount. 1) 3) 4a 4b] 5) 6) Using percent multipliers, calculate the net amount due (not including tax or shipping) if you assessed a 396 late penalty? 6) 7) if a partial payment of 50% of the net cost was paid during the cash discount period, calculate The credit given for the partial payment b. The balance due on the invoice (not including tax or shipping) 7b