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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.

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 $889 and can be bought by the jewelry store for a net price of $545.75.

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 $7,000. 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.

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 $28,900 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?

credit period The time period that the seller allows the buyer to pay an invoice.

net date, due date The last day of the credit period.

destination Seller pays shipping changes to the buyer’s store or warehouse and then bills the buyer for these charges on the invoice.© 2009 Cengage Learning. 7– 8 Extending and Totaling an Invoice invoice subtotal The amount of all merchandise or services on the invoice before adjustments. Trade discount × List price = Trade discount rate list price Suggested retail selling price of an item, set by the manufacturer or supplier.

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.

receipt of goods (ROG) dating Terms of sale begin on the date the goods are received by the buyer.© 2009 Cengage Learning. 7– 35 Terms of Sale — Dating Methods (cont’d) extra, ex, or x dating The buyer receives an extra discount period as an incentive to purchase slow-moving or out-of-season merchandise.© 2009 Cengage Learning. 7– 36 Ordinary Dating Example An invoice is dated May 5 with terms of 4/15, n/30. Discount date = May 5 15 days = May 20 Net date = May 5 30 days = 26 days remaining in May 4 days in June = June 4 Alternate calendar method: May 5 = 125 30 = 155 = June 4© 2009 Cengage Learning. 7– 37 EOM Dating Example EOM Dating: For invoices dated between the 1st of the month and the 25th, terms begin the beginning of the following month.

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