Complete the following exercises and submit to your instructor via the dropbox. This assignment is worth 15 marks.
Calculate the amount to be paid on each invoice. (3 marks)
Date of Invoice
Amount of Invoice
Terms
Date Invoice Paid
Amount Paid
May 4, 2000
$1376.50
3/30, n/60
June 2, 2000
April 25, 2001
$3976.48
2/10, 1/30, n/60
May 8, 2001
June 7, 2001
$375.80
2/10 E.O.M.
July 5, 2001
Dawson Wholesales received an invoice from General Meat Packers for $3587.94 dated November 2 with items 5/15, 2/20, n/30. The new accounts assistant paid $3122.85 on November 18. How much does the firm owe the meat packers? (2 marks)
Calculate the net price. (4 marks)
List Price
Rate of Trade Discounts
Net Price
$2637.98
17% and 10%
$543.88
22.5%, 7% and 3%
Make the extensions in this invoice and calculate the total amount due (4 marks)
Modern Plumbing
Supply Company
376 Maple Street Ottawa, ON, L1M 0N7 Phone: 397-4174
Wholesale Distribution
Qty. Ordered
Make
Description
Amount
72
175
207
Gales
ATSM
Kerr
Gaskets #3175@ $1.59
less 35% and 15%
Screws #461-3-5 @ $0.19
less 15%
Connectors Cups 33A @ $0.77
less 22% and 5%
Total Amount Due
Nova Electronics found that a computer part was listed at the same suggested retail price in catalogues from two different manufacturers. However, the first catalogue offered discounts of 22% and 8% while the second offered discounts of 16%, 6% and 4%.
Which is the better offer? By what percent less? (2 marks)
Answer & Explanation
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