Please answer Q5 . Bob\'s Northern Fireplaces received an invoice for $3 845 dat

ID: 2564291 • Letter: P

Question

Please answer Q5 . Bob's Northern Fireplaces received an invoice for $3 845 dated March 25 with terms 3/10, 1/20, n/30. The company paid S1 500 on April 4 S500 on April 12 and S500 on April 30. What balance was still owing after April 30? 5, A furniture store buys dining tables for SI 460 less 30% and 5%. The store's operating expenses are 18% of the selling price, and its selling price is $1 495. The furniture store reduced the price of a scratched floor model dining table to S1 195. Find the following: The furniture store's markup rate on cost b. The furniture store's markdown rate c. The profit or loss on the floor model table d. The markup rate that the furniture store realized on cost after the markdown

Explanation / Answer

Working:

Particulars

S.No

Amount ($)

Gross purchase price

1,460.00

Less 30%

-438.00

Sub-total

1,022.00

Less 5%

-51.10

Net purchase price

970.90

Selling price

1,495.00

Operating Expenses (18% of Selling price)

269.10

Profit(Loss)

D=B-A-C

255.00

Markup rate on Cost

D/(A+C)

20.56%

Revised Selling Price

1,195.00

Markdown rate

F=(E-B)/E

25.10%

Revised Profit(Loss) after markdown

G=E-A-C

-45.00

Realized markup rate after markdown

H=G/(A+C)

-3.63%

Answer:

a. 20.56%

b. 25.10%

c. 45.00 (Loss)

d. -3.63%