What is the impact if an accountant records a return

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Reference no: EM132811187

Provide a response to the following relating to accounting for retail.

Problem 1: When constructing an income statement for a company using the periodic inventory system, how is the cost of net sales calculated?

Problem 2: What are two differing characteristics between the perpetual and periodic inventory systems?

Problem 3: What is the difference between a (1) settlement (cash) discount and (2) trade discount when selling to a customer?

Problem 4: What is the impact if an accountant records a return of goods as debit, sales as opposed to debit sales returns and allowances?

Reference no: EM132811187

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