Zinck Furniture Company of Ontario sold K. Daniels a bedroom set for $2,500 plus 8% PST and 5% GST. Terms of the sale are 1/10, n/30. The date of the sale was May 23 and the date of the payment was June 1.
Required: Determine the amount K. Daniels should pay Zinck Furniture on June 1. Show your computations.
41) Morris Jewelry Store sold R. Alexander a diamond engagement ring for $2,000 plus 5% PST and 5% GST. Terms of the sale are n/30. Date of the sale was April 12, date of the payment was May 12. On April 15, R. Alexander received an allowance for a flaw in the ring, $500.
Required: Determine the amount R. Alexander should pay Morris Jewelry Store, May 12. Show your computations.
42) Chan Company sold $500.00 of goods to Abdel Company on account, terms 2/10, n/30, and 5% PST. What was the amount of the invoice? (Show your computations.)
43) Joe's Garage performed repairs to a customer's car. The repairs came to $1,600 plus 13% HST. If terms are 2/10, n/30, how much must the customer pay if paying in 9 days? (Show your computations.)
44) Why isn't it a normal practice to give discounts on taxes?
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