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What is the amount of the trade discount and the trade discount rate?
7– 2 PERFORMANCE OBJECTIVES Section I The Invoice 7-1: Reading and understanding the parts of an invoice 7-2: Extending and totaling an invoice Section II Trade Discounts—Single 7-3: Calculating the amount of a single trade discount 7-4: Calculating net price by using the net price factor, complement method 7-5: Calculating trade discount rate when list price and net price are known© 2009 Cengage Learning. 7– 3 PERFORMANCE OBJECTIVES (cont’d) Section III Trade Discounts—Series 7-6: Calculating net price and the amount of a trade discount by using a series of trade discounts 7-7: Calculating the net price of a series of trade discounts by using the net price factor, complement method 7-8: Calculating the amount of a trade discount by using a single equivalent discount Section IV Cash Discounts and Terms of Sale 7-9: Calculating cash discounts and net amount due 7-10: Calculating net amount due, with credit given for partial payment 7-11: Determining discount date and net date by using various dating methods© 2009 Cengage Learning. 7– 4 The Invoice invoice A document detailing a sales transaction, containing a list of goods shipped or services rendered, with an account of all costs. Net price = List price × Net price factor Net price factor = 100 — 46 = 54% Alternate Method: Net price = 2,800 ( 100% – 46%) = 2,800 ( .54) = 1,512 Net price = 2,800 × .54 = 1,1512© 2009 Cengage Learning. 7– 15 Trade Discount Rate Example A watch has a list price of 9 and can be bought by the jewelry store for a net price of 5.75.
The Chronica Monasterii Casinensis and Amatus both record the arrival in southern Italy around the same time from Normandy of five brothers, Gilbert, Rainulf, Asclettin, Osmond and Rodolphe, who supported Melus in his rebellion.
The family of these brothers in shown in the sub-chapter dealing with the Conti di Aversa, in the province of Campania, in the document SOUTHERN ITALY (2).
Mixer Cover 166.30 Invoice Subtotal Shipping Charges 194.20 Invoice Total 17,219.82 11,125.00 324.72 166.30 17,025.62 5,409.60© 2009 Cengage Learning. 7– 10 Trade Discounts – Single trade discount Reductions from the manufacturer’s list price given to businesses that are “in the trade,” for performance of marketing functions.
Trade discount amount = List price – Net price Trade discount rate = Amount of trade discount List price Trade discount amount = 889.00 – 545.74 = 343.25 Trade discount rate = 343.25 = .3861 = 38.61% 889.00© 2009 Cengage Learning. 7– 16 Trade Discount–Series Chain, or series, trade discount Term used when a vendor offers a buyer more than one trade discount.
The beginning of the discount and credit periods when ordinary dating is used. What is the amount due if the bill is paid by the 10th?
cash discount period The time period in which a buyer can take advantage of the cash discount. net amount Amount of money due from the buyer to the seller.© 2009 Cengage Learning. 7– 25 Cash Discounts and Net Amount Due Example A retailer buys merchandise with an invoice amount of ,000. Alternate Method: Net amount due = 7,000 ( 100% – 2%) = 7,000 ( .98) = 6,680© 2009 Cengage Learning. 7– 26 Calculating Net Amount Due, with Credit Given for Partial Payment partial payment When a portion of the invoice is paid within the discount period.
—t erm used in quoting shipping charges meaning “free on board” or “freight on board.” F. It is the multiplier used to calculate the net price.© 2009 Cengage Learning. 7– 13 Trade Discount Example Find the amount of the trade discount on a television set that has a list price of 9.95 less a trade discount of 30%.
shipping point Buyer pays transportation charges from the vendor’s location. Net price = List price – Trade discount net price factor The percent of the list price a business pays for merchandise.
partial payment credit The amount of the invoice paid off by the partial payment.© 2009 Cengage Learning. 7– 30 Net Amount Due, with Credit Given for Partial Payment Example City Cellular purchased ,900 in phones and beepers on April 25 with terms of sale of 4/20, 3/30, n/60. 7– 33 Finding The Net Date Example If an invoice is dated March 25 and is due in 85 days, what is the net date?
What is the net amount due if City Cellular sends a partial payment of ,000 on May 20? March 25 = 84 Due days = 85 Total days= 169 Due date = June 18© 2009 Cengage Learning. 7– 34 Terms of Sale — Dating Methods ordinary dating When the discount period and credit period start on the invoice date.
Calculate the single equivalent discount and the trade discount.© 2009 Cengage Learning. 7– 22 Cash Discounts and Terms of Sale terms of sale The details of when an invoice must be paid, and if a cash discount is being offered.