Explain about sales discounts, Accounting Basics

Assignment Help:

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.


Related Discussions:- Explain about sales discounts

Define the accounting process, Q. Define the accounting process ? The a...

Q. Define the accounting process ? The accounting process offers financial data for a broad range of individuals whose objectives in studying the data vary widely. Bank officia

Explain about depreciation expense, Q. Explain about Depreciation expense? ...

Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense

Prepare a multiple-step income statement, Prepare a Multiple-Step Income St...

Prepare a Multiple-Step Income Statement based on the information presented in problem 4 above.                    Answer :

Cost of capital, Provide an argument for including or not including current...

Provide an argument for including or not including current liabilities in the cost of capital calculation

Analysis on the organizational assessment study dataset, Complete a descrip...

Complete a descriptive analysis of the following data elements in the Organizational Assessment Study dataset. Use appropriate graphical tools and descriptive statistics to charact

statistical test , A high school counselor needs to show whether the teena...

A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random

#princess, what are the implications of applying accounting concepts wrongl...

what are the implications of applying accounting concepts wrongly

Efficiency variances , Jackson Corporation uses a standard cost system, con...

Jackson Corporation uses a standard cost system, concerned manufacturing overhead on the basis of machine hours. The company's overhead standards per unit are given below. Varia

The greenwood company purchased equipment costing, The Greenwood Company pu...

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

If you can earn 4 percent, If you can earn 4 percent, how much will you hav...

If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd