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Imagine an invoice to Allegiant in the amount of $15,250, dated September 8, that had the terms 2/10 EOM. If the invoice were paid on October 11, how much would Allegiant owe SIA? Round your answer to the nearest dollar.

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Priyanshu Patel
Priyanshu PatelLv10
20 Feb 2021
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QUA0002 – Assignment  # 1 (10 %)
 
There are 25 questions distributed over 20 exercises; each question is worth 1 point for a total of 25,  then converted to base 10.
 Kindly answer all questions and show your work.
 
EXERCISES

  1. A hitch and trailer listed at $2149.00 has a net price of $1360.00. What is the rate of 
    discount? Give your answer in percentage rounded to nearest 100th.


  2. Rina Boutique advertises a discount of $54.72 on sandals. If the discount is 33.5%, for 
    how much were the sandals sold? Round to nearest 100th.


  3. A 14% discount on a dryer that Gell-Mann purchased, amounted to $70.00. Calculate the 
    net price. 


  4. A microscope is listed for $477.00 less 19 2/3 %, 9%, 7.7%. What is the equivalent single 
    rate of discount that was allowed? Round to nearest 100th. 


  5. Lamb Goldsmith sells watches for $840.00 less 12.55%. Its competitors across the 
    street offer the same type of watch for $860.00 less 13.25%, 11.5%. What additional rate 
    of discount (percentage) must Lamb offer to meet the competitor's price? Round to 
    nearest 100th.


  6. An invoice for $6200.00, dated May 28, 3/10, 1/20, n/60, was received on May 30. What 
    payment must be made on June 5 to reduce the debt to $4760.00? Approximate to the 
    nearest 100th. 


  7. What amount will reduce the amount due on an invoice of $9410.25 by $842.00 if the terms 
    of the invoice are 5/10, n/30 and the payment was made during the discount period?
    Approximate to nearest 100th. 


  8. On 19 June, an invoice dated 18 June for $6250.00 less 17%, 16%, terms 5/10, n/30, was 
    received by Heisenberg Distributors. What is the amount due if the invoice is paid in 
    full on 27 June? Round to nearest 100th. 


  9. The Scientific Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30, 
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    balance to $4000.00 Round to nearest 100th.


  10. Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with 
    terms 5/20, n/45 for: 10 wood trays at $37.45 each; 35 wood planters at $43.75 each;
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b)If only a partial payment is made on the last day  of the discount period, what amount is due to reduce the outstanding balance to $1500.00? Round to nearest 100th. 



  1. An invoice for $4755.00, dated 27 March, terms 3/10 E.O.M., was received 29 March. What 
    payment must be made on 10 April to reduce the debt to $1900.00? Round to nearest 100th. 


  2. Aronian Import received an invoice dated January 5 for a shipment of goods received 
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  3. Find the cost of an item that was sold for $4230.00 in order to realize a margin of 113% 
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  5. Hume's pet shop purchases cat litter for $15.00 less 20% per bag. The store's overhead is 45% 
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Total:   /25   or    /10

The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations:

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