A Discount Store Lists an Article for $875

question 42

Essay

A discount store lists an article for $875.00 less 25% and 20.5%.a competitor carries the same article for $847.90 less 21.5%.What further discount (correct to the nearest of 1%)must the competitor allow so that its net price will be the same as that of the discount store?

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Definitions:

Internal Control

Methods and protocols established by an organization to guarantee the reliability of financial and accounting data, foster responsibility, and avert deceit.

Record-Keeping Function

The process of maintaining a record of business transactions and financial activities for future reference.

Account System

Refers to a structured process of recording, analyzing, and managing financial transactions of a business or individual.

Backlog

The accumulation of work or orders that have been promised or planned but not yet completed or delivered.