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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.
how do we credit debit cash received from owner
Present value -- a notion that compares the value of money available in the future with thevalue of money in hand today. For instance $78.35 invested today in a 5% savings accountw
wat is assets and its types?
exploration costs for mining companies are assts
Cost sheet is sheet Where all the cost should be recorded which related to the produc.
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
Why is it important for accounting information to be accurate and timely?
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
State and local income taxes Some states also withhold state income taxes. Texas doesn't. If state withholds taxes, there will be form similar to the federal one to determine t
Q. Show the company's Balance sheet? Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note tha
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