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Author Question: A government levies property taxes and awards discounts for timely payment. How should the ... (Read 118 times)

magmichele12

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on: Jul 6, 2018
A government levies property taxes and awards discounts for timely payment. How should the government report discounts that it expects will be taken?
 
  A. Report as expenditures in the year the taxes are levied.
  B. Report as expenditures in the year the discounts are awarded for early payments received.
  C. Report as other financing uses.
  D. Deduct from the amount of taxes levied to determine property tax revenues.

Question 2

On an income statement, net sales minus cost of goods sold equals
 a. delivered cost of purchases.
  b. cost of goods available for sale.
  c. net income.
  d. gross profit.
  e. beginning inventory.


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jointhecircus

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Reply #1 on: Jul 6, 2018
Answer to Question 1

D

Answer to Question 2

D


magmichele12

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Reply #2 on: Jul 6, 2018
Thank you


jointhecircus

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Reply #3 on: Jul 6, 2018
No problemo


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