Deck 7: Discounts

Question 1

Compute the amount of the trade discount and the net price using the discount method.
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Answer 1

Question 2

Compute each of the complement rates and the equivalent single discount rate to the nearest 1/10 of a percent.
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Answer 2

Question 3

Compute the complement rate and the net price using the complement method.
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Answer 3

Question 4

Compute the amounts of the trade discounts (where none exists, enter an "*") and the net price. Round each discount to the nearest cent.
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Question 5

Find the complement rates (where none exists, enter an "*") and the net price using the complement method. Do not round until the final answer.
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Question 6

Compute the amount of the trade discount and the net price using the discount method.
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Question 7

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.
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Question 8

Compute the amount of the trade discount and the net price using the discount method.
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Question 9

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.
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Question 10

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.
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Question 11

Compute each of the complement rates and the equivalent single discount rate to the nearest 1/10 of a percent.
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Question 12

Find the complement rates (where none exists, enter an "*") and the net price using the complement method. Do not round until the final answer.
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Question 13

Compute the amounts of the trade discounts (where none exists, enter an "*") and the net price. Round each discount to the nearest cent.
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Question 14

Compute the complement rate and the net price using the complement method.
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Question 15

Compute the amounts of the trade discounts (where none exists, enter an "*") and the net price. Round each discount to the nearest cent.
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Question 16

Find the complement rates (where none exists, enter an "*") and the net price using the complement method. Do not round until the final answer.
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Question 17

Compute each of the complement rates and the equivalent single discount rate to the nearest 1/10 of a percent.
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Question 18

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.
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Question 19

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.
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Question 20

Compute the complement rate and the net price using the complement method.
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Question 21

A roofing products supply company gives good customers a cash discount of 2% on any amount that they pay within 10 days of the invoice date. An invoice for $2,590 was written on February 12. The customer paid $1000 on February 18. Compute the amount that company must credit to his customer's account. (This problem involves the partial payment of an invoice within the discount period.)

Question 22

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.In an attempt to attract new business customers, an automotive supply store offered terms of 2/10, net 30. On June 15, a car manufacturer purchased materials costing $725.15, which included a $60 freight charge. On June 20, the manufacturer returned materials costing $124.50.
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Question 23

Susan Waterford bought merchandise for $1,880.14 on March 3. There was a 3% cash discount on anything paid within 5 days. Susan sent in a check for $1,200 on March 5. Compute the amount that should credited to Susan's account. (This problem involves the partial payment of an invoice within the discount period.)​

Question 24

Winthrop Racing owns a car racing team on the East Coast. On May 25, Winthrop purchased $26,750 worth of racing tires for the cars on its team. To get the Winthrop account, the tire manufacturer offered generous terms of 5/15, net 60. The discount applies to any amount paid within the discount period. What is the unpaid balance if Winthrop paid $20,000 on June 5? (This problem involves the partial payment of an invoice within the discount period.)​

Question 25

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.On March 29, Cathy Wellesby bought $7,420 worth of merchandise on terms of 2/10, net 45.
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Question 26

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.Sean Atchison bought various new power tools for $1,244 on March 29 on terms of 1/15, net 25. Almost immediately, he returned a power saw that cost $175.
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Question 27

Tony Chang gives good customers a cash discount of 1.5% on any amount that they pay within 5 days of the invoice date. An invoice for $1,890 was written on February 2. The customer paid $900 on February 6. Compute the amount that Tony must credit to his customer's account. (This problem involves the partial payment of an invoice within the discount period.)​

Question 28

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.Lakewood Resorts buys canned food on terms of 1/5, net 45. An invoice for canned food dated July 3 was for $374. The total included a $24 delivery charge. On July 5, Lakeside Resorts returned cans worth $74.20 because they were damaged.
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Question 29

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.Oceanview Market buys salami and other cured meats on terms of 2.5/10, net 30. An invoice for cured meats was dated July 26 and was for $697.16. On July 28 the deli returned $128.60 worth of the cured meats because they were not packaged properly.
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Question 30

Brianna Carson purchased some tools with a total cost of $2,475.25. The invoice was dated March 28 and the seller gave terms of 2.75/10, net 25. The discount applies to any amount paid within the discount period. Compute the amount that Brianna should remit to credit her account for $2,000. (This problem involves the partial payment of an invoice within the discount period.)​

Question 31

Contractor Jason Barrett bought $8,750 worth of building materials on August 26. The supplier offered a 2.5% cash discount on any amount paid within 7 days. Compute the amount the builder should remit to credit their account for $7,500. (This problem involves the partial payment of an invoice within the discount period.)​

Question 32

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.Evelyn Haynes Brown is a management consultant who recommended to a client that the client try offering cash discount terms of 0.5/15, net 25. The first invoice prepared under the new plan was for $890 and was dated November 1. Of the total, $48 was for freight and another $214 worth of merchandise was quickly returned.
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Question 33

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.
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Question 34

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.A new supply company offered cash discount terms of 3/5, net 30. On January 24, a new customer purchased items with an invoice total of $738.40. Then, two days later, the customer returned $346.40 worth of the items.
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Question 35

Compute the discount date, the due date, the amount of discount and amount of the remittance if the entire invoice is paid within the discount period.Jay Wilson Design offers a cash discount of 2.5/5, net 45. On June 28, Wilson Design sold goods with a total invoice of $1,724.40. Nothing was returned, but the invoice included a $90 delivery charge.
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Question 36

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.Krohn Corp. normally gives a cash discount of 2.5/5, net 20. There is no discount on freight charges. Krohn Corp. sells some new products for which the total invoice is $142.50. The invoice is dated September 7 and includes $16.13 for freight.
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Question 37

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.Mateski Bros. Builders Co. tries to buy building materials wherever and whenever the best cash discount is given. One supplier gave them terms of 2.5/20, net 35, so Mateski Bros. bought materials which had a total invoice of $4,240. The invoice date was May 21 and included a $370 delivery charge. Mateski Bros. returned some materials that cost $1,072. Compute the missing information.
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Question 38

Compute the discount date, the due date, the amount of discount and amount of the remittance if the required remittance is paid within the discount period.Ray Marshall is a purchasing agent for East Coast Electric and tries to take advantage of all cash discounts on major purchases. On July 7 (invoice date) he purchased parts for service vehicles. The parts cost $3,824.77, but $214.40 worth were returned because they were incorrect. The terms from the supplier were 1/10, net 25.
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Question 39

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.In an attempt to attract new business customers, the wholesale hardware store offered terms of 2.5/40, net 60. On July 10, a building contractor purchased materials costing $611.25, which included a $50 freight charge. On August 2, the contractor returned materials costing $143.25.
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Question 40

Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.Connie Chu bought some new office equipment from a dealer who offered a cash discount of 1.5/30, net 45. The invoice was dated July 20, totaled $2,652.40 and included $86 for freight.
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Question 41

Seven years ago, Elise Damato started a business specializing in dog walking and dog grooming. After the first year, her pet food supplier started giving Elise a cash discount of 2.25% on any amount paid within 15 days of the invoice date. On October 25, Elise bought pet food costing $1,064. On November 8, Elise paid $800 on the purchase. Compute the unpaid balance. (This problem involves the partial payment of an invoice within the discount period.)​

Question 42

Donna Pierce manages a business that distributes imported woolen fabrics. Donna's business offers a 2.5% cash discount on any amount paid within 10 days of the invoice date. On January 28, a client purchased fabrics priced at $14,500, and on February 1 the client sent in a $10,000 check. Compute the unpaid balance. (This problem involves the partial payment of an invoice within the discount period.)​

Question 43

On April 26, Kindler Welding Corp. purchased $8,640 worth of welding supplies from a wholesaler that offered terms of 1.75/7, net 30. The discount applies to any amount paid within the discount period. What is the unpaid balance if Kindler paid $6,000 on May 1? (This problem involves the partial payment of an invoice within the discount period.)