23) You have agreed to pay $395.87 for a new chaise lounge. The price includes s

Business & Finance
Tutor: None Selected Time limit: 1 Day

23) You have agreed to pay $395.87 for a new chaise lounge. The price includes sales tax at a rate of 4.25%. What was the marked price of the chaise lounge and how much tax was paid? 

A) $277.80; $118.07 

B) $383.41; $12.46 

C) $376.12; $19.75 

D) $379.73; $16.14

Apr 26th, 2015

D) $379.73; $16.14

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Apr 26th, 2015

CAN YOU EXPLAIN HOW YOU GOT THAT ANSWER PLEASE

Apr 26th, 2015

Let X = marked price

Then,

X + 4.25% of X = $395.87

Therefore,

X + (0.0425)X = 395.87

(1.0425)X = 395.87

X = 395.87 / 1.0425 = $379.73

4.25% of 379.73 = $16.14

Apr 26th, 2015

25) A vertical analysis of an income statement shows the ratio of each item on the income statement to the: 

A) owner's equity 

B) net sales 

C) total sales 

D) total income

Apr 26th, 2015

Sorry, not sure about that one. I don't tutor accounting.

Apr 26th, 2015

24) To best measure the liquidity of a business: 

A) calculate the current ratio 

B) calculate the leverage ratio 

C) calculate the working capital 

D) calculate both the working capital and current ratio

Apr 26th, 2015

Again, business and accounting are not my thing. Sorry.

Apr 26th, 2015

OH OK SORRY

Apr 26th, 2015

No problem. But if you have other questions like the one I solved that require algebra, let me know :)

Apr 26th, 2015

OK GOT CHA

Apr 26th, 2015

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