PART A: A cellular company purchased $28,800 in cell phones on June 25. The terms of sale were 4/20, 3/30, n/60. Freight terms were F.O.B. destination. Returned goods amounted to $650. (a) What is the net amount due (in $) if the cellular company sends the manufacturer a partial payment of $4,000 on July 20? (Round your answer to the nearest cent.) $ (b) What is the net date? ? ---Select--- (c) If the manufacturer charges a 4% late fee, how much (in $) would the cellular company owe if it did not pay the balance by the net date? 1 (Round your answer to the nearest cent.) $ PART B: You are the store manager for The Bedding Warehouse. The invoice below is due for payment to one of your vendors, Hamilton Mills Invoice Table INVOICE Hamilton Mills 115 Rock Creek Road Charlotte, North Carolina 28235 No. 49485 INVOICE DATE July 9, 20XX CUSTOMER'S . SOLD TO: SHIP TO SAME The Bedding Warehouse 406 Maple Road Franklin, VA 23851 SALESMAN SHIPPED VIA Federal Express TERMS Net 30 Days DESCRIPTION FOB Charlotte, NC UNT AMOUNT OTY. ORDERED QTY. SHEPPED 44 ea. Sheets, king 65 ea. Sheets, queen $45.10 $1,984 40 $38.50 $2,509 00 $17.85 $431 95 $16.35 $899 25 $$ 27 pkg Pillow Cases, queen SS pkg Pillow Cases, sta ea. Shams $33.25 $299 50 INVOICE SUBTOTAL $6,124.10 SHIPPING CHARGES $131.50 Insurance $23.35 INVOICE TOTAL $6,278.95 | (a) You notice several errors in the itemization of the invoice. Correct the errors in the itemization by completing the following table (in $). QTY. Ordered QTY. Shipped Description Unit Amount 44 ea. Sheets, king $45.10 $ 1984.40 65 ea, Sheets, queen $38.60 $ 2509 27 pkg. Pillow Cases, queen $17.85 $ 481.95 55 pkg. Pillow Cases, std. $16.35 $ 899.25 6 ea. Shams $33.25 $ 199.5 Invoice Subtotal $ 6073.85 Shipping Charges $131.50 Insurance $23.35 Invoice Total $ 6228.70 Enter a number (b) Your warehouse manager reports that there were two king-size sheets and five queen-size sheets returned, along with four packages of queen pillow cases. Calculate the revised total due (in $). $ (The vendor has offered a 8% early payment discount that applies only to the merchandise, not the shipping or insurance. What is the amount of the discount (in $)? (Round your answer to the nearest cent.) $ () $( (d) What is the new balance due after the discount (in $)? (Round your answer to the nearest cent.) $ PART A: Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $9,500 with trade discounts of 25/14/6. (a) What is the net price factor? a (b) What is the single equivalent discount? (c) What is the amount (in dollars) of the trade discount? (d) What is the net price in dollars) of the order? $ PART B: Suppose a certain car manufacturer's incentive program designed to reduce inventory of certain low-selling models offers a $8,000 extra dealer incentive for each of these vehicles that the dealer moved into its rental or service fleets. As the accountant for a dealership with a number of these vehicles left in stock, your manager has asked you to calculate certain invoice figures. The normal trade discount from this car manufacturer is 16%. If the average sticker price list price) of these remaining vehicles at your dealership is $28,500, calculate the following. (a) What is the amount of the trade discount, including the incentive (in $)? ? $ (b) What is the trade discount rate (in percent)? Round to the nearest tenth of a percent. % (c) What is the net price (invoice price) to your dealership (in $)? (d) If the cars were then sold from the fleets at $1,000 over "invoice" (net price), what is the total percentage savings to the consumer based on the list price? Round to the nearest tenth of a percent. % (e) Although these incentive prices reflect extraordinary discounts to the consumer, what other factors should a consumer consider before purchasing a "discontinued" brand of vehicle? (Select all that apply.) total number of vehicles manufactured this year vehicle will be worth less than comparable models that are not discontinued vehicles may be more difficult to resell availability of parts and service net worth of the car dealership PART C: Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount of Terms of Invoice Sale Partial Credit for Payment Partial Payment Net Amount Due $5,998.20 4/15, 1/60 $2,300 $ PART D D Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the transaction. Unless otherwise specified, the net date is 20 days after the discount date. Date of Invoice Terms of Sale Discount Date Net Date October 28 2/10, ROG Rec d November 29 ---Select- --Se et PART E: An invoice is dated March 22 with terms of 4/18 EOM. Assuming the net date is 20 days after the discount date, find the following. (a) What is the discount date? ---Select--- (b) What is the net date? () ---Select
