Sales Discount: Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast. The term 3 / 10 , n / 45 means that if a customer is paying in 10 days then the payment will be after a discount of 3 % on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount. The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods. The assistance of accounting information for each business in achieving its discount policy objectives.

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Answer 1

Question

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

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Answer 2

Question

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

Answer 6

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

Answer 7

Chapter 5, Problem 92.2C

To determine

Sales Discount:

Sales discount is a way by which the seller can get the cash payments easily and before time. This is the discount given on the selling price to the customer buying the product which makes them satisfied and for seller it helps in getting the payments fast.

The term 3/10,n/45 means that if a customer is paying in 10 days then the payment will be after a discount of 3% on the total value but if the customer is paying in 45 days then the payment will be made in full which means no discount.

The sales discount in the name of quantity discount is the discount given on the buying of bulk quantity of any goods.

The assistance of accounting information for each business in achieving its discount policy objectives.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 5 - When is revenue recognized?Ch. 5 - When is a performance obligation satisfied?Ch. 5 - At what amount should sales revenue be recorded...Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Why is the direct write-off method not GAAP?

Solution Summary: The author explains that sales discount is a way by which the seller can get the cash payments easily and before time.

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