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Calculate the net proceeds due to Mark Ofori from the sale of a truck and a tractor.

Accounting

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Answer

₵137,279.75\text{₵137,279.75}

Step-by-step solution

3 steps

Here are the net proceeds due to Mark Ofori:

  1. Calculate the net proceeds from the sale of the truck.

    • Gross proceeds from truck sale: ₵62,500
    • Commission rate for truck: 8%
    • Commission for truck: 0.08×₵62,500=₵5,0000.08 \times ₵62,500 = ₵5,000
    • Delivery charge for truck: ₵510
    • Net proceeds from truck: ₵62,500−₵5,000−₵510=₵56,990₵62,500 - ₵5,000 - ₵510 = ₵56,990
  2. Calculate the net proceeds from the sale of the tractor.

    • Gross proceeds from tractor sale: ₵88,500
    • Commission rate for tractor: 8.45%
    • Commission for tractor: 0.0845×₵88,500=₵7,478.250.0845 \times ₵88,500 = ₵7,478.25
    • Delivery charge for tractor: ₵732
    • Net proceeds from tractor: ₵88,500−₵7,478.25−₵732=₵80,289.75₵88,500 - ₵7,478.25 - ₵732 = ₵80,289.75
  3. Calculate the total net proceeds due to Mark Ofori.

    • Total net proceeds: ₵56,990+₵80,289.75=₵137,279.75₵56,990 + ₵80,289.75 = ₵137,279.75

    The net proceeds due to Mark Ofori from the sale of the equipment are ₵137,279.75\boxed{\text{₵137,279.75}}.

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