Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 20, 2020

A discount given to encourage prompt payment on a credit purchase of merchandise is called: a cash discount. a sales discount by the seller. a

A discount given to encourage prompt payment on a credit purchase of merchandise is called:

a cash discount.

a sales discount by the seller.

a purchase discount by the buyer.

all of these are correct.

Step by Step Solution

★★★★★

3.48 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

In accounting terms Cash discount a discount o... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions

Question

★★★★★

Which of the following statements is/are correct? I. The fragmentation is applicable for data in the datagram but not for header. II. Reassembly of the fragments must be performed at the destination...

Answered: 1 week ago

Question

★★★★★

Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of supporting documents for...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

Write a program MooresLaw that takes a command-line argument $n$ and outputs the increase in processor speed over a decade if microprocessors double every $n$ months. How much will processor...

Answered: 1 week ago

Question

★★★★★

Refer to the data on percent malt extract in Table D.8 of the Data Bank. A computer summary of a level a = .05 test of H0: p = 77 versus a two-sided alternative and a 95% confidence interval is given...

Answered: 1 week ago

Question

★★★★★

Suppose that the demand for water balloons fit the function D(p,ps)= .2 p-0.5ps-0.2; where p is the price of water balloons and ps is the price of super soakers (an advanced squirt gun technology)....

Answered: 1 week ago

Question

★★★★★

5. What are the main considerations when working with dangerous offenders?

Answered: 1 week ago

Question

★★★★★

A project monitoring technique called a traffic approach (i.e., red, yellow, and green lights) is mentioned in the chapter. Comment on what you see as the pros and cons of this approach.

Answered: 1 week ago

Question

★★★★★

Problem 9-20 More Than One Cost Driver [LO9-4, LO9-5] Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery...

Answered: 1 week ago

Question

★★★★★

Consider the following parlor game to be played between two players. Each player begins with three chips: one red, one white, and one blue. Each chip can be used only once. To begin, each player...

Answered: 1 week ago

Question

★★★★★

Check my 5 Exercise 12-4 Indirect: Cash flows from operating activities LO P2 2 points The following income statement and additional year-end information is provided. SOMAD COMPANY Income Statement...

Answered: 1 week ago

Question

★★★★★

How flying airoplane?

Answered: 1 week ago

Question

★★★★★

You, CPA, work at Spring & Bounce Chartered Professional Accountants (S&B) as a management consultant. S&B is a medium-sized CPA firm. It is December 10, 2018, and the partner has called you into her...

Answered: 1 week ago

Question

★★★★★

Jamil has been operating his accounting firm in partnership with Eddie for several years and is thinking of taking advantage of the Limited Liability Partnership Act 2012, and converting his firm...

Answered: 1 week ago

Question

★★★★★

1.How do I identify my target market? 2.What are the key factors for a successful business plan? 3.How can I improve my companys cash flow? 4.What are the most effective ways to market a small...

Answered: 1 week ago

Question

★★★★★

1.What is the Renaissance, and why is it significant in art history? 2.How does Romanticism differ from Neoclassicism in art? 3.What is the significance of the Mona Lisa in art history? 4.How did the...

Answered: 1 week ago

Question

★★★★★

Expand NDA. Explain its purpose

Answered: 1 week ago

Question

★★★★★

Explain the regulation of the secretions of the small intestine.

Answered: 1 week ago

Question

★★★★★

Procter & Gamble (P&G) is one of the largest consumer products companies in the world, famous for such brands as Crest? and Tide?. Financial information for the company for three recent years is as...

Answered: 1 week ago

Question

★★★★★

The following selected transactions were completed by Artic Company during February of the current year. Artic Company uses the periodic inventory system. Feb. 2. Purchased $17,500 of merchandise on...

Answered: 1 week ago

Question

★★★★★

The controller of Sedona Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: The company expects to sell...

Answered: 1 week ago

Question

★★★★★

Calculate the result accurate to the nearest cent. For R=$630,i=0.115,n=2

Answered: 1 week ago

Question

★★★★★

Calculate the result accurate to the nearest cent. For R=$550,i=0.085,n=3

Answered: 1 week ago

Question

★★★★★

Use the formula FV = PV (1 + i1)(1 + i2)(1 + i3) to determine i1 if PV = $1000, FV = $1094.83, i2 = 0.03, i3 = 0.035.

Answered: 1 week ago

Previous Question Next Question