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Note. — When the brokerage or commission and the rate per cent. of the same are given, the sum on which it is reckoned may be found as in Art. 349.

Examples.

2. An agent receives $ 1976, which includes the sum he is to lay out in goods and also his commission at 4 per cent. How much of the amount is to be expended for the goods, and how much is his commission?

Ans. $ 1900 for the goods; $ 76 commission.

3. A broker receives $ 8341.50, which includes a sum to be invested in railroad shares at $ 83 each, and his brokerage at £ per cent. How many shares can he purchase, and how much is his brokerage? Ans. 100 shares; $41.50 brokerage.

4. Sent to my agent, John Crowell, Rochester, $8960, to purchase a quantity of flour; his commission is 2 per cent. on the purchase, which he is to deduct from the money; what is his commission? Ans. $ 175.68^.

5. A town has levied a tax of $5150, which sum includes the amount voted for the repairs of a bridge and the collector's commission of 3 per cent. How much was voted for the bridge, and how much does the collector receive for his commission? Ans. $ 5000 for the bridge; $ 150 commission.

6. What amount of money has been invested when the broker's charges, at lrj- per cent, for making the investment, amount to $ 285?

7. A commission merchant purchases for me in New Orleans 34 boxes of sugar, pays for cartage and freight $ 7.50, and his commission is 1^ per cent. on the amount of purchase, making the whole bill $ 740.83J. How much was his commission, and, allowing 250 pounds to a box, how much a pound did he pay for the sugar? Ans. $ 10.83J commission; $ 0.08J- per 1b.

8. Sent a cargo of flour to Liverpool, which my factor sold for 987£. 18s. 6d. He invested this sum in broadcloths, at 1£. 3s. 8d. per yard. His commission for selling the flour is per cent., and for purchasing the broadcloth 1£ per cent., and he is to receive his commissions, for selling and buying, out of the proceeds of the flour. Required the number of yards of broadcloth that I should receive. Ans. 801^3T5s756Fyd.

ACCOUNT OF SALES.

An Account of Sales is an account of goods sold, which h commission merchant or consignee, &c. furnishes to his employer. It contains the quantity and price of the goods disposed of, charges attending the sales, and the net proceeds, or the sum to which the owner, or consignee, is entitled after all charges are deducted.

The names of purchasers are often included in the account of sales, as in Example 1, and sometimes the mark of the box, bale, &c, as in Example 2.

410. The gross amount of sales is the sum of all the quantities at the prices given; and the net proceeds are found by deducting the commission at the given rate, and the other charges, from the gross amount.

Find the commission and net proceeds required in the following

Examples.

1. Account of sales of flour received by the steamer Calvert, from Baltimore, sold on account of James Taylor, Ellicott's Mills.

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Commission on $ 2180.00, at 2| percent., $49.05
Freight and drayage, 41.63
Advertising, 4.50

$95.18

Net proceeds to credit of James Taylor, $ 2084.82

Errors excepted. Boston, May 15, 1857. Niles, Marvin, & Co.

2. Sales of goods, made by Haskell, Fargo, & Co., on account of Jones, Boker, & Co., New York.

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Net proceeds due J., B., & Co., $ Errors and omissions excepted. Chicago, August 7, 1857. Haskell, Fargo, & Co.

PROFIT AND LOSS.

411i Profit And Loss is the process by which merchants and others estimate their gains or losses in business transactions.

Gains and losses are usually reckoned on the prime or first cost of articles.

412i To find the selling price when the cost and the gain or loss per cent, are given.

Ex. 1. If I buy cloth at $ 4 per yard, for how much per yard must I sell it to gain 2o per cent.? Ans. $ 5.

Since the selling price is to be a gain Operatio*. on the t ost of 25 per cent., evidently it

$4 X 1.25 = $ 5, Ans. must be 125 per cent. of the cost, or $4 X 1-25.

Rule. Multiply the cost price by 1 increased by the gain per cent., or by 1 decreased by the loss per cent., expressed decimally, and the product will be the selling price required.

Examples.

2. If I buy cloth at $ 5 per yard, for what must I dispose of it per yard to lose 20 per cent.? Ans. $ 4.

3. Bargained for cheese at $ 8.50 per cwt. How must it be sold to gain 10 per cent.? Ans. $9.35 per cwt.

4. Molasses having been bought at 42 cents a gallon, and not proving so good as expected, was sold at a loss of 5 per cent. For what was it sold a gallon?

5. Bought a house and lot for $ 2500; at what price must it be sold to gain 20 per cent.? Ans. $ 3000.

413i To find the cost when the selling price and the gain or loss per cent. are given.

Ex. 1. If I sell cloth at $5 per yard, and thereby make 25 per cent., what was its first cost? Ans. $ 4 per yard.

Operation. Since the gain is 25 per cent. of

$5.00 -T- 1.25 = $4, Ans. the cost, the selling price, $5, is

equal to the cost increased by 25 per cent. of the cost, or 1.25 of the cost. Therefore, the cost must be as many dollars as 5 contains times 1.25.

Rule. Dii-ide the selling price by 1 increased by the gain per cent., or by 1 decreased by the loss per cent., expressed decimally, and the quotient will be the cost.

Examples.

2. If I dispose of cloth at $ 4 per yard, and by so doing lose 20 per cent., required the prime cost of the goods? Ans. $ 5.

3. Sold 10 barrels of flour for $ 96, and made 20 per cent. What was the prime cost a barrel? Ans. $ 8.

4. If 27^cwt. of sugar be sold at $ 12.50 per cwt., and there is gained 17 per cent., what was the prime cost per cwt.?

5. Sold wood at $ 6. 12i per cord, and by so doing lost 12^ per cent. a cord. What was the original cost per cord?

Ans. $ 7.00

414. To find the gain or loss per cent. when the cost and selling price are given.

Ex. 1. If I buy cloth at $ 4, and sell it at $ 5 per yard, what per cent, do I gain? Ans. 25 per cent.

OPERATION.

$5 — $4 = $ 1; 1.00 -4- 4 = .25, or 25 per cent., Ans.

Since the difference between the selling price and the prime cost is $ 1, the gain is \ of the cost, or, expressed decimally, is .25 of the cost, or 25 per cent. of it.

Rule. Divide the number denoting the gain or loss by that denoting the prime cost, and the quotient, expressed decimally, will be the gain or loss per cent. required.

Examples.

2. Bought cloth at $7 per yard, and sold it at $6.12J. "What per cent. did I lose? Ans. 12£ per cent.

3. Bought a chaise for $ 200, and sold it for $ 225. What per cent. did I gain? Ans. 12£ per cent.

4. I sell a house that cost me $ 2500 at an advance of $ 500. What per cent, do I gain?

5. Bought 24 yards of cloth for $ 64.864$$, and sold it at $ 2.50 per yard. What per cent, is the loss?

Ans. 7£ per cent.

415i The selling price of goods and the rate per cent. of gain or loss being given, to find what the gain or loss per cent. would be, if sold at another price.

Ex. 1. If I sell cloth at $ 5 per yard, and thereby gain 25 per cent., what would have been my gain if I had sold it at $ 7 per yard? Ans. 75 per cent.

Operation. We find the prime

$ 5.00 -f- 1.25 = $4; $7 — $4=$ 3. cost of the cloth per 3.00 -r- 4 = .75, or 75 per cent., Ans. yard, when sold at

$ 5, by Art. 413, to

be $ 4. We then find what would have been the gain per cent. on the cost, if it had been sold at $ 7 per yard, by Art. 414, and obtain 75 per cent. as the answer.

Rule. Find the prime cost (Art. 413), and then the gain or loss per cent. on this cost at the proposed selling price.

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