Scarlet Company received an invoice for $65,000.00 that had payment terms of 1/5 n/30. If it made a partial payment of $17,600.00 during the discount period, calculate the balance of the invoice.

Scott received an invoice for $5,000 that had payment terms of 2/5 n/30. She 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

Three invoices for the amounts of $36,000, $26,000, and $41,900 were received on August 27, 2014, September 26, 2014, and October 19, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on October 26, 2014 to settle all three invoices.

Round to the nearest cent

Ivy purchases phones for $280.50 each and is selling them for $310.00 each.

a.What is the rate of markup on cost?

%

Round to two decimal places

b.What is the rate of markup on selling price?

%

Round to two decimal places

Standard Appliances obtains refrigerators for $1,640 less 27% and 6%. Standard's overhead is 18% of the selling price of $1,710. A scratched demonstrator unit from their floor display was cleared out for $1,365.

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