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Q. Explain about Sales discounts?
Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit 34 states the terms of payment as net 30. Net 30 are sometimes written as n/30. Either way this term denotes that the buyer may not take a discount and should pay the entire amount of the invoice (USD 20000) on or before 30 days after 2010 December 19 (invoice date)-or 2011 January 18. The terms had read n/10/EOM (EOM means end of month) the buyer could not take a discount as well as the invoice would be due on the 10th day of the month following the month of sale-or 2011 January 10. Credit terms differ from industry to industry.
Q. What do you mean by note? A note is an unqualified written promise to pay another party the amount owed either when demanded or at a certain specified date habitually with i
Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months
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he chairperson of the accounting department has three summer courses available: Accounting 201, Accounting 202, and Accounting 305. Twelve faculty members are available for assign
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Windsor Company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is ? Answer: PV = FV (PVIF) = $100,000 x 0.5132
Derivative instrument is an asset which develops i.e. takes its origin from another asset. The simplest form of derivative is a forward contract, "It is an agreement to buy or s
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