Question 1

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 2/10, n/30, ROG, for goods received October 15. What amount will reduce the outstanding balance to $2,000 if paid on October 25^th?

Accepted Answer

The answer of Stanford Marketing Inc. received an invoice for...

Question 2

Stanford Marketing Inc. received an invoice for $7,500 on April 10, with terms 3/10, n/30, EOM. Stanford submitted a payment of $5,000 on May 10. What is the outstanding balance on the invoice after the payment is made?

Accepted Answer

The answer of Stanford Marketing Inc. received an invoice for...

Question 3

An invoice dated March 15 for $400 with terms 2/10, 1/20, EOM, was received on March 20. By what date should the invoice be paid to qualify for the 2% discount?

Accepted Answer

The answer of An invoice dated March 15 for $400...

Question 4

What total amount must be paid on June 19 to settle invoices dated June 1 for $600, June 5 for $300, and June 9 for $400, all with terms 3/10, 2/15, n/30?

Accepted Answer

The answer of What total amount must be paid on...

Question 5

What payment must be made on April 5 on an invoice for $2,250, dated March 16 with terms 2/10, 1/20, n/30 in order to reduce the outstanding balance to $1,500?

Accepted Answer

The answer of What payment must be made on April...

Question 6

Given the following:  Determine:
a) The amount of mark-up.
b) The amount of operating (overhead) expenses.
c) The operating profit or loss.
d) The rate of mark-up on cost.
e) The rate of mark-up on selling price.

Accepted Answer

The answer of Given the following:  Determine:
a) The amount...

Question 7

Sutton Trucking made two equal payments, on June 25 and July 15, on an invoice for $6,350 dated June 15 with terms 3/10, 1/30, n/60. The payments reduced the balance owed on the invoice to $1,043.33. What was the amount of each payment?

Accepted Answer

The answer of Sutton Trucking made two equal payments, on...

Question 8

A hardware store's rate of mark-up on selling price on a line of electric power tools is 27%. If the mark-up on a drill is $12.50:
a) What is the cost of the drill to the store?
b) What is the rate of mark-up on cost of the drill?

Accepted Answer

The answer of A hardware store's rate of mark-up on...

Question 9

Given the following:  Determine:
a) The amount of mark-up.
b) The amount of operating (overhead) expenses.
c) The operating profit or loss.
d) The rate of mark-up on cost.
e) The rate of mark-up on selling price.

Accepted Answer

The answer of Given the following:  Determine:
a) The amount...

Question 10

M Studios is ordering a new type of camera, which costs $315. M Studios allows 35% of cost for operating expenses and 20% of cost for profit. What selling price should M Studios advertise the camera at?

Accepted Answer

The answer of M Studios is ordering a new type...

Question 11

A wholesaler advertises a 25% discount on all clothing. You buy several sweaters for $48.75 each for your retail boutique. What was the wholesaler's list price per sweater?

Accepted Answer

The answer of A wholesaler advertises a 25% discount on...

Question 12

A payment of $727.50 was made on May 7 on an invoice totalling $3,000.00 dated April 27 with terms 3/10, 1/15, n/30. What amount is still owed?

Accepted Answer

The answer of A payment of $727.50 was made on...

Question 13

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 1/10, n/30, EOM. What amount will reduce the outstanding balance to $2,000 if paid on September 9?

Accepted Answer

The answer of Stanford Marketing Inc. received an invoice for...

Question 14

a) In announcing its third quarter results, Prime Manufacturing reported a decline in revenue of $26.43 million representing a 3.65% decrease from the second quarter. Rounded to the nearest $0.01 million, what is the third quarter's revenue?
b) Prime also announced that, over the next six months, it will reduce its workforce by 4.5% to 8,500 through attrition and retirement incentives. What will be the actual number of people leaving?

Accepted Answer

The answer of a) In announcing its third quarter results,...

Question 15

M studios received an invoice for photography equipment for $500 dated May 5, with terms 2/10, n/30. What payment will settle the invoice on:
a) May 15?
b) May 16?

Accepted Answer

The answer of M studios received an invoice for photography...

Question 16

An invoice for $2,956.60, dated February 2, has terms 2/15, 1/30, n/90. What three equal payments on February 17, March 2, and May 2 will settle the account?

Accepted Answer

The answer of An invoice for $2,956.60, dated February 2,...

Question 17

Contemporary Furnishings received an invoice on April 18 from Palliser Furniture. The invoice for $18,976.45 was dated April 16 with terms 2/15, 1/30, n/45.
a) What is the balance after a payment of $10,000 on May 1?
b) What additional payment on May 15 will settle the account?

Accepted Answer

The answer of Contemporary Furnishings received an invoice on April...

Question 18

Larissa sells coats for $200 less 30%. Kristina sells coats for $196 less 25% and 5%. What second discount would Larissa need to offer to match Kristina's net price?

Accepted Answer

The answer of Larissa sells coats for $200 less 30%....

Question 19

A wholesaler offers discounts of 10%, 8%, and 5%. What is the single equivalent discount rate?

Accepted Answer

The answer of A wholesaler offers discounts of 10%, 8%,...

Question 20

An invoice dated March 15 for $400 with terms 2/10, 1/20, ROG, was received on March 20. The goods were delivered on April 28. By what date should the invoice be paid to qualify for the 2% discount?

Accepted Answer

The answer of An invoice dated March 15 for $400...

Quiz 4: Mathematics of Merchandising

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 2/10, n/30, ROG, for goods received October 15. What amount will reduce the outstanding balance to $2,000 if paid on October 25th?

Stanford Marketing Inc. received an invoice for $7,500 on April 10, with terms 3/10, n/30, EOM. Stanford submitted a payment of $5,000 on May 10. What is the outstanding balance on the invoice after the payment is made?

An invoice dated March 15 for $400 with terms 2/10, 1/20, EOM, was received on March 20. By what date should the invoice be paid to qualify for the 2% discount?

What total amount must be paid on June 19 to settle invoices dated June 1 for $600, June 5 for $300, and June 9 for $400, all with terms 3/10, 2/15, n/30?

What payment must be made on April 5 on an invoice for $2,250, dated March 16 with terms 2/10, 1/20, n/30 in order to reduce the outstanding balance to $1,500?

Given the following: Determine: a) The amount of mark-up. b) The amount of operating (overhead) expenses. c) The operating profit or loss. d) The rate of mark-up on cost. e) The rate of mark-up on selling price.

Sutton Trucking made two equal payments, on June 25 and July 15, on an invoice for $6,350 dated June 15 with terms 3/10, 1/30, n/60. The payments reduced the balance owed on the invoice to $1,043.33. What was the amount of each payment?

A hardware store's rate of mark-up on selling price on a line of electric power tools is 27%. If the mark-up on a drill is $12.50: a) What is the cost of the drill to the store? b) What is the rate of mark-up on cost of the drill?

Given the following: Determine: a) The amount of mark-up. b) The amount of operating (overhead) expenses. c) The operating profit or loss. d) The rate of mark-up on cost. e) The rate of mark-up on selling price.

M Studios is ordering a new type of camera, which costs $315. M Studios allows 35% of cost for operating expenses and 20% of cost for profit. What selling price should M Studios advertise the camera at?

A wholesaler advertises a 25% discount on all clothing. You buy several sweaters for $48.75 each for your retail boutique. What was the wholesaler's list price per sweater?

A payment of $727.50 was made on May 7 on an invoice totalling $3,000.00 dated April 27 with terms 3/10, 1/15, n/30. What amount is still owed?

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 1/10, n/30, EOM. What amount will reduce the outstanding balance to $2,000 if paid on September 9?

M studios received an invoice for photography equipment for $500 dated May 5, with terms 2/10, n/30. What payment will settle the invoice on: a) May 15? b) May 16?

An invoice for $2,956.60, dated February 2, has terms 2/15, 1/30, n/90. What three equal payments on February 17, March 2, and May 2 will settle the account?

Contemporary Furnishings received an invoice on April 18 from Palliser Furniture. The invoice for $18,976.45 was dated April 16 with terms 2/15, 1/30, n/45. a) What is the balance after a payment of $10,000 on May 1? b) What additional payment on May 15 will settle the account?

Larissa sells coats for $200 less 30%. Kristina sells coats for $196 less 25% and 5%. What second discount would Larissa need to offer to match Kristina's net price?

A wholesaler offers discounts of 10%, 8%, and 5%. What is the single equivalent discount rate?

An invoice dated March 15 for $400 with terms 2/10, 1/20, ROG, was received on March 20. The goods were delivered on April 28. By what date should the invoice be paid to qualify for the 2% discount?

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 2/10, n/30, ROG, for goods received October 15. What amount will reduce the outstanding balance to $2,000 if paid on October 25^th?