Answer:
$259.35
Explanation:
The computation of the amount of cash paid is shown below:
= (Purchase value of merchandise - returned goods of merchandise - discount charges)
= ($9,100 - $455 - $259.35)
= $8,385.65
The discount charges is
= (Purchase value of merchandise - returned goods of merchandise) × discount rate
= ($9,100 - $455) × 3%
= $259.35
We simply applied the above formula
Answer:
decrease in the day's sales inventory
Explanation:
Corner Hardware has succeeded in increasing the number of goods it sells while holding the amount of inventory on hand, cost per unit, and the selling price per unit at a constant level.
This situation will be reflected in the firm's financial ratios in the form of a decrease in the day's sales inventory.
Answer:
B. July
Explanation:
The principle of revenue recognition arises whenever the income is realized or earned whether cash is collected or not and it also supports the accounting accrual basis. Realizable here means that the customer obtains the product however the payment is made afterward.
So, in the given case, the service is provided in the July month and the same is to be recorded on the July month
The cumulative difference between reporting inventory at LIFO rather than FIFO is commonly referred to as the LIFO reserve
<h3>What is
LIFO reserve?</h3>
Generally, LIFO reserve is an accounting term that represents the difference between the cost of inventory calculated using the first-in, first-out (FIFO) method and the cost calculated using the last-in, first-out (LIFO) method for the purposes of bookkeeping.
In conclusion, The LIFO reserve is a term that is widely used to refer to the accumulated discrepancy that results from reporting inventory using the LIFO method rather than the FIFO method.
Read more about LIFO reserve
at brainly.com/question/28146683
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