Problem 1. One manufacturer needs to calculate the net price of an order with a list price of $900 and a trade discount series of 10/8/5. Use the net decimal equivalent to find the net price.
Problem 2. Find the acid-test ratio for a business if the balance sheet shows the following amounts: cash, $32,776; receivables, $13,039; marketable securities, $0; current liabilities, $24,143.
Problem 3. A loan is made on January 16 and has a due date of October 12 during a leap year. Find the exact time of the loan.
Problem 4. To find the percent of total debt compared to total assets, divide the total liabilities by the total assets and write in percent form. Find the total debt to total assets for the bakery for 2012. See below:
Bakery Balance Sheet
December 31, 2012
Assets
Cash $1,951
Accounts receivable $4,214
Merchandise inventory $2,572
Total assets $8,737
Liabilities
Accounts payable $3,444
Wages payable $1,702
Total liabilities $5,146
Owner's equity
The owner's capital $3,591
Total liabilities and owner's equity $8,737