Scarlet Company received an invoice for $73,000.00 that had payment terms of 1/5 n/30. If it made a partial payment of $14,000.00 during the discount period, calculate the balance of the invoice.

Round to the nearest cent

Jessica received an invoice for $5,000 that had payment terms of 5/15 n/45. 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

Three invoices for the amounts of $34,300, $25,000, and $41,600 were received on November 13, 2014, December 13, 2014, and January 5, 2015, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on January 12, 2015 to settle all three invoices.

Round to the nearest cent

A clothing merchant purchases a shipment of clothes for $34,000.00 with discounts of 9.00% and 4.00%. He sells it to a customer at a price which includes 19.00% profit on selling price and overhead expenses of 25.00% 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

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.			$270.00	25.00%	%
b.	$54.00			%	34.00%

Standard Appliances obtains refrigerators for $1,570 less 28% and 5%. Standard's overhead is 17% of the selling price of $1,625. A scratched demonstrator unit from their floor display was cleared out for $1,260.

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