The Photo Express buys cameras and film with an invoice date of May 17. If the terms of sale are ...

The Photo Express buys cameras and film with an invoice date of May 17. If the terms of sale are 2/15, n/45, find the net date.
 A) June 1
  B) July 18
  C) July 16
  D) July 1

Q. 2

The price of a public address system purchased by a local town hall was 42,500. It cost 2,100 for delivery. The salvage value at the end of 4 years is 7,500. Using the straight-line depreciation method, calculate the annual depreciation for year 3.
 A) 9,324.50
  B) 10,365.75
  C) 11,368.20
  D) 9,275.00

Q. 3

A new business receives an invoice for merchandise on August 9. The terms of the sale are 12/10, n/30. If the manager elects to take the cash discount, what is the discount date?
 A) August 19
  B) August 18
  C) August 21
  D) August 17

Q. 4

The price of a large piece of construction equipment purchased by Hass Construction Company was 53,500. It cost 1,275 for delivery and 2,750 for installation. The salvage value at the end of a 4-year life is 7,500. Using the straight-line depreciation method, calculate the annual depreciation for year 3.
 A) 15,925.26
  B) 22.301.33
  C) 12,506.25
  D) 13,501.87

Q. 5

A home accessories store buys lamps with a net price of 22,600. The terms of sale are 4/15, n/30. If a partial payment of 10,300 is sent to the wholesaler on the discount date, what is the net amount still due?
 A) 21,696.00
  B) 11,870.83
  C) 12,712.00
  D) 11,808.00