Suppose a certain car manufacturer's incentive program designed to reduce inventory of certain low-selling models offers a $8,000 extra dealer incentive for each of these vehicles that the dealer moved into its rental or service fleets. As the accountant for a dealership with a number of these vehicles left in stock, your manager has asked you to calculate certain invoice figures. The normal trade discount from this car manufacturer is 17%. If the average sticker price (list price) of these remaining vehicles at your dealership is $26,500, calculate the following. (a) What is the amount of the trade discount, including the incentive (in $)? 24 (b) What is the trade discount rate (in percent)? Round to the nearest tenth of a percent. % (c) What is the net price (invoice price) to your dealership (in $)?

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A music store sells new instruments.  The store also sells used instruments for people who are willing to give the store part of the sales price.  The sale of used instruments, called sales commissions, amount to about one-fourth [25%] of total income.  On the firm’s classified income statement under the “Revenue” heading are both New Instrument Sales and Sales Commissions.  Do you agree with presentation of these in the Income Statement?  Why or why not?

You sell $5 million dollars' worth of delivery trucks to Walmart on account and offer them a 2% discount if they pay within 15 days, with the invoice due after 45 days (2/15, n/45). Unfortunately, Walmart returns all of the trucks after one week because they discover that the model you sold them is not approved for use in California. Which of the following is part of the correct journal entry to make at the time that Walmart returns the trucks? DEBIT to Sales Returns of $5 million CREDIT to Sales Discount of $100,000 CREDIT to Accounts Receivable of $4.9 million CREDIT to Sales Revenue of $5 million

Suppose a certain car manufacturer's incentive program designed to reduce inventory of certain low-selling models offers a $9,000 extra dealer incentive for each of these vehicles that the dealer moved into its rental or service fleets.As the accountant for a dealership with a number of these vehicles left in stock, your manager has asked you to calculate certain invoice figures. The normal trade discount from this car manufacturer is 16%. If the average sticker price (list price) of these remaining vehicles at your dealership is $24,500, calculate the following.(a)What is the amount of the trade discount, including the incentive (in $)?$ (b)What is the trade discount rate (in percent)? Round to the nearest tenth of a percent.%(c)What is the net price (invoice price) to your dealership (in $)?$ (d)If the cars were then sold from the fleets at $1,000 over "invoice" (net price), what is the total percentage savings to the consumer based on the list price? Round to the nearest tenth of a…