DISCOUNTS Circle discounts you will offer to online customers: Quantity Cash Functional Seasonal Promotional Rebates Circle discounts you will offer to offline customers: Quantity Cash Functional Seasonal Promotional Rebates

DISCOUNTS Circle discounts you will offer to online customers: Quantity Cash Functional Seasonal Promotional Rebates Circle discounts you will offer to offline customers: Quantity Cash Functional Seasonal Promotional Rebates

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1TP: Conduct research on a real-world retailers trade discounts and policies, and discuss the following...

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Question

DISCOUNTS
Circle discounts you will offer to online customers:
Quantity
Cash
Functional
Seasonal
Promotional Rebates
Circle discounts you will offer to offline customers:
Quantity
Cash
Functional
Seasonal
Promotional Rebates
Account for any differences in discounts allowed to two customer groups:

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If NetSolutions sells a customer some products on account (accounts receivable) and offers a discount for early payment of the customers accounts receivable within the credit period, the discount is called a _________________________________. Group of answer choices trade discount purchases discount sales discount sales allowance
Early payment discounts offered by vendors are __________________ if payment is made within the discount period. Select one: A. automatically calculated by QBO B. displayed in the pay bills window C. displayed on the bill form D. None of the above are correct
A discount given to encourage prompt payment is called: Multiple Choice О a cash discount. all of these answer choices are correct. a sales discount by the seller. a purchase discount by the buyer.
Which of the following numbers represents the discount percentage applied if a customer pays within a discount window and credit terms are 3/15, n/60? A. 3 B. 15 C. 60 D. 3 and 15
A cash (sales) discount is usually granted to all of the following except a. retail customers. b. retailers. c. wholesalers. d. All of these are granted discounts Answer the question and explain why did you pick this answer
Assume you are offered credit terms from a store you frequently visit. Which of the following credit terms should you prefer? Multiple Choice O 1/10, net 20 2/5, net 30 2/10, net 30 1/15, net 45 2/15, net 30 X
From the "Period and Volume Discounts" window, how do we proceed to the "Volume Discounts and Price List"? None of the choices Right Click on the selected item, select “Period Discounts”. On the current window, right click on the number beside the item. Right Click on the selected item, select “Volume Discounts for Price List”. Double Click on the item. On the current window, double click on the number beside the item
1. Which one of the following stores offers the best credit terms if you do not plan on taking the discount? STORE CREDIT TERMS A 1/10, net 20 2/10, net 10 1/15, net 45 2/15, net 30 2. What if you plan on taking the discount?
Conduct research on a real-world retailers trade discounts and policies, and discuss the following questions. Which company did you choose? What do they sell? What is a trade discount? What products are subject to a trade discount? Describe the discount terms/program in detail. Give examples. Are there any restrictions? What incentive does this company have to give a trade discount? How does this discount benefit the buyer? If the buyer had to choose between receiving a trade discount or regular cash purchase discount, which would benefit them more? Why?
Availabe Options Are: Sales Discount Credit Period Discount Period FOB Shipping Point FOB Destination Merchandise Inventory Gross Profit Purchases Discount
1. Which one of the following stores offers the best credit terms if you do not plan on taking the discount? STORE CREDIT TERMS A 1/10, net 20 2/10, net 10 1/15, net 45 2/15, net 30 C. 2. What if you plan on taking the discount?
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1