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Q. Explain about trade discount?
A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize trade discounts to
- Decrease the cost of catalogue publication. A seller is able to use a catalogue for a longer time by printing list prices in the catalogue and giving separate discount sheets to salespersons whenever prices change.
- Allowance quantity discounts.
- authorize quotation of different prices to various customers such as retailers and wholesalers. The seller's invoice may demonstrate trade discounts. But sellers don't record trade discounts in their accounting records because the discounts are used only to calculate the gross selling price. Nor do trade discounts emerge on the books of the purchaser. To illustrate suppose an invoice contains the following data
The seller files a sale of USD 3360. The purchaser files a purchase of USD 3360. Therefore neither the seller nor the purchaser enters list prices and trade discounts on their books.
The industrial revolution in England presented a challenge to the development of accounting like a tool of industrial management. Costing techniques were urbanized as guides to man
Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?
Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r
can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th
Q. Define purchase discounts and purchase returns? Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledg
The Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40
A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar
Whats the use of accounting in our everyday life?
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