46. The war tax on club dues in 1920 was 10%. Mr. Lyons was a member of the following clubs:

Idlewild Country Club

Progress Social Club

Standard Club

Annual dues $125

Annual dues $150

Annual dues $ 75

To how much did his club dues amount that year?

47. A French company bid against an American company for a contract of 2000 dolls. The French company offered to make them for 3 francs each, and the American company, for 65¢ each. Which was cheaper, and by how much in United States money? (Use the approximate normal value and also the approximate market value of the franc.)

48. Mr. A. owned property assessed at $36,000 and paid a tax of 2 mills on a dollar; Mr. B. owned property assessed at $39,000 and paid a tax of $2.40 per $1000. Whose tax bill was greater? how much greater?

49. A salesman who could sell $60,000 worth of goods a year received two offers: (1) a salary of $12 a week and 31% commission; (2) an annual salary of $3000. Which offer was the better, and by how much?

50. A kettle of water lost 333% of its contents in boiling, and then contained 5 qt. How much did it contain at first?

51. One year the tax rate of a certain city was $1.85 per $100. The next year it was raised to $1.96. Find the increase in taxes on property assessed at $65,000.

BUSINESS FORMS

Bills

A written statement of goods sold, or of services performed, giving (a) the names of the parties, (b) the date or dates, (c) the terms, (d) the items, (e) the price of each item, and (ƒ) the total amount is called a bill or an invoice.

The debtor (buyer) is the one who owes something.

The creditor (seller) is the one to whom the debtor owes something.

Study the following bills, and mention all the important parts:

The sign@means "at the given price per unit." Thus, "2 gross @ $1" means "2 gross at $1 per gross.'

(b) New York, Oct. 5, 1921

(a) Mr. Alfred Johnson

To EDWARD CALDWELL, DR.

A receipt is an acknowledgment that the bill has been paid. It may be written on the bill itself, as shown above, or on a separate form, as below:

When an employee receipts a bill, he writes the name of the firm and the word per followed by his own name or initials.

The terms of a bill are the conditions on which the sale has been made. They state the discounts offered and the time when the bill is due. The terms are often expressed as follows: 6/10 (6% discount if paid within 10 days). 5/30 (5% discount if paid within 30 days).

Net 30 days (no discount, payable within 30 days).

Net cash (no discount, payable immediately).

NOTE. In finding the various amounts of a bill, drop a fractional part of a cent if it is less than ¢, and add another cent for every fractional part equal to or more. Thus, 61¢=6¢; 61⁄2¢=7¢; 63¢=7¢.

1. What is a bill?

2. a. What is meant by a debtor? a creditor?

b. What is the abbreviation for "debtor"? for "creditor "?

3. What two forms are used for writing the names of the debtor and the creditor on a bill?

4. What form is used when a bill for labor, material, or services is made out?

5. What is meant by the terms of a bill?

6. When the buyer pays his bill, what should he demand as evidence of payment?

7. In what two common ways are receipts made out?

8. What is an invoice?

9. What is meant by selling on terms of 8/10? 6/30? net 10 days?

10. How should a clerk receipt a bill?

11. What is each line of entry on a bill called?

12. Why should a bill be dated?

13. Why should it be receipted when paid?

14. Why is it wise to keep receipted bills or receipts? 15. Why should a receipt be dated?

Make out bills for the following:

16. A. L. Sweet Company sold to F. R. Lowden: Sept. 1916 doz. Shirts @ $27

42 doz. Shirts @ $18

Terms: 6/10, 5/30

17. J. G. Johnson Company sold to Philip Eaton : Sept. 15-2 doz. Hats @ $36

manufacturers. The following were Friday's sales. Make out

a bill for each.

21. To S. Collins and Company - Terms 6/10, 5/30:

2 doz. Four-in-hands, lot no. 112

@ $6

14 doz. Four-in-hands, lot no. 115

@ $8