Reference no: EM132526325
Questions -
Q1. Violet Inc. and Melon Inc. are competing on a supply contract. Violet Inc.'s offer is $89,000, less 14% and 9%. Melon Inc.'s offer is $116,000 less 10% and 10%.
a. Calculate the net price of Violet Inc.'s offer.
b. Calculate the net price of Melon Inc.'s offer.
c. What further discount should the highest bidder provide to match the lower bidder's offer?
Q2. Nathan, the owner of a hockey rink, received an invoice for $44,075 that had payment terms of 4.5/10, n/30. He made a partial payment of $1,460 during the discount period.
a. Calculate the amount credited.
b. Calculate the balance on the invoice after the partial payment was made.
Q3. Matthew purchased furniture for $3,500.00 and received an invoice dated April 2, 2013 with terms 3/10 n/30. What is the amount of cash discount available for a payment made on April 9, 2013 to settle the invoice?
Q4. Magenta Company received an invoice of $15,950 for catering services at their annual company picnic. The invoice was dated May 8, 2013 and had the following payment terms 7/10, 3/15, n/30.
a. Calculate the amount required to settle the invoice on May 15, 2013.
b. Calculate the amount required to settle the invoice on May 21, 2013.
c. How much money would the company save by settling the invoice within the first discount period rather than settling it within the second discount period?
Q5. Tumble Company sells a digital camera for $1,200.00 less 22.00%. Another wholesaler, Spring Company sells a similar digital camera for $850.00 less 24.00%.
a. What is the difference in the price offered by these two distributors?
b. What further trade discount rate should the more expensive wholesaler offer to match the other wholesaler's price?
Q6. An item is listed at $650 less 16%, 7%, and 5%.
a. What is the net price of the item?
b. What is the equivalent single trade discount rate of the given series of discounts?
c. What is the amount of discount offered?
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