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Explain Discounts allowed.
what the accounts maintained in retail business
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine
formation of partnership and changes in constitution of parternship
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses
Q. Seasonality in sales? Based upon its operating record the company believes that its business is seasonal. Excluding the result of net sales, new store openings and earnings
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
Common size Financial Statements: Below this process, the total of the tasks side and the total of the possessions side of a Balance Sheet are taken as 100 and each item in
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
When a business offers a credit customer a discount for early settlement, the discount granted is a discount allowed. The consequence of a discount allowed results in the business receiving a reduced amount for a sale. Although the sales revenue is reduced, a discount allowed is never charged to the trading account. Discounts allowed are always charged as a separate expense to the profit and loss account.
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