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Q. What is Sales Discounts account?
The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra revenue account from gross sales. Sellers utilize the Sales Discounts account relatively than directly reducing the Sales account so management is able to examine the sales discounts figure to evaluate the company's sales discount policy. Note that the Sales Discounts account isn't an expense incurred in generating revenue. Relatively the purpose of the account is to reduce recorded revenue to the amount actually realized from the sale.
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou
What time is it?
matt schmidt company''s ledger shows the amount of
Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur
1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012. Credit Account
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invo
Mission statement for PCAOB and AICPA and how it contributed to GAAP 2-3 pages APA style
Super stockist is one who supply product to n no. of distributor in area. Distributor is one who supply to dealers in the area
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