Calculate the net price factor (as a %) and net price (in $) by using the complement method. Round your answer to the nearest cent.

List Price

Trade Discount Rate

Net Price Factor

Net Price

$3,499.00

35%

Hard Blues Music buys CDs with a list price of $39,000. If the wholesaler offers trade discounts of 4/3/2, find the net price factor.

0.087420.45629 0.749980.91258

Kiddie Kites buys Japanese kite kits with a list price of $7,500. If the supplier offers trade discounts of 30/15/15, find the trade discount amount to the nearest cent.

$2,531.25$3,706.88 $3,793.13$4,968.75

Hyabuza Japanese Restaurant received an invoice, dated February 20, 2011, for supplies they ordered that had a list price of $2,900 from a supplier that offered a series discount of 15/8/4 and carried terms of 3/10, 1/15, n/30. How much should the restaurant remit if the bill is to be paid in full on March 1, 2011?

$2,111.78$2,177.09 $2,813.00$2,900.00

Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Item

Cost

Amount of
Markup

Selling price

Percent Markup
Based on Cost

Bookcase

$42.40

$24.50

Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Item

Cost

Amount of
Markup

Selling price

Percent Markup
Based on Cost

Dress

$95.00

60%

Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Item

Cost

Amount of
Markup

Selling price

Percent Markup
Based on Cost

Treadmill

$980.00

$2,335.00

Find the cost of a radio that sells for $278.45 and has a markup of $33.95.

$244.50$261.45 $295.45$312.40

It costs $5,400 to manufacture a Jet Ski. If the desired percent markup based on cost is 44%, how much should each Jet Ski sell for?

$2,376$7,776 $12,273$13,176

The selling price for a fax machine is $343.67. What percent of the sale price is the markup, if the cost of the fax machine was $215? (Round to the nearest whole percent.)

37% 60%

A customer just paid $35,490 for a delivery van. If the percent markup based on cost is 30%, what was the cost?

$20,876.47$21,294.00 $24,843.00$27,300.00

The markup on a desk should be 33% based on selling price. If the seller paid $260 for one, then how much should it sell for to achieve the desired markup?

$345.80$388.06 $434.20$787.88

The wholesale cost of a Digital Sound system is $1,650. The original markup was 63% based on selling price. Find the final sale price after the following series of price changes: a markup of 12%, a markup of 45%, and a markdown of 30%. (Round each intermediate selling price to the nearest cent.)

$3,057.43$3,571.14 $4,994.60$5,069.52

Brianna’s semimonthly salary is $3,475. What would be her equivalent biweekly salary (in $)? (Round your answers to two decimal places.)

As a sales person for Fresh Flowers, Carlos is paid an incremental commission based on the table below. If he sells $14,900.00, what is his total gross pay?

Level

Sales Volume

Commission
Rate

1–5,700

6.5%

5,701–9,900

7.1%

Over 9,901

7.8%

$1,058.70$1,067.80 $1,463.40$1,472.50

Carolyne is paid $4,000.00 biweekly. This year, to date, she has earned $21,300.00. What will be the total deduction for Social Security and Medicare taxes on her next paycheck? (Social Security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.)

$306.00$321.30 $336.60$344.25

Naomi received weekly wages of $1,385.58. She is married and is entitled to 7 withholding allowances. How much income tax will be withheld, based on the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text?

$0.00$32.64 $65.28$130.56

Penny is paid a gross wage of $2,926 on a monthly basis. She is single and is entitled to 2 withholding allowances. How much income tax, Social Security, and Medicare will be withheld based on the combined wage bracket tables in Exhibit 9-3 and Exhibit 9-4 from your text?

$443.29$453.29 $463.29$473.29

Family Flowers employs 17 people, of whom 14 earn gross pay of $620.00 each and 3 earn gross pay of $740.00 each on a weekly basis. What is the employer’s share of total Social Security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)

$620.00$740.00 $890.68$10,840.05

Compute Darryl’s total Social Security and Medicare taxes for the third quarter, if she is self-employed and earns $1,420.00 on a weekly basis.

$217.26$1,412.19 $1,522.95$2,824.38

Juanita is the self-employed owner of Juanita’s Linens. Her estimated annual earnings are $71,040.00 and she expects to pay 28% of this amount in income tax. What will be her quarterly estimated tax payment for the third quarter? (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.)

$515.04$2,202.24 $4,972.80$7,690.08

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