This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A government levies property taxes and awards discounts for timely payment. How should the ... (Read 103 times)

magmichele12

  • Hero Member
  • *****
  • Posts: 559
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jointhecircus

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jul 6, 2018
Answer to Question 1

D

Answer to Question 2

D


magmichele12

  • Hero Member
  • *****
  • Posts: 559
Reply #2 on: Jul 6, 2018
Thank you


jointhecircus

  • Sr. Member
  • ****
  • Posts: 343
Reply #3 on: Jul 6, 2018
No problemo


« previous next »
 

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

This graphic illustrates the original systems model of politics advanced by David Easton. Politics This graphic illustrates the original systems model of politics advanced by David Easton. Politics
The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha
In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai
During the Pullman strike in Chicago, workers protesting wage cuts did $340,000 in property damage, During the Pullman strike in Chicago, workers protesting wage cuts did $340,000 in property damage,
Security Tips for Accepting Various Forms of Payment Security Tips for Accepting Various Forms of Payment
A debt payment of $7500 is due in 24 months. If money is worth 7.2% p.a. compounded quarterly, ... A debt payment of $7500 is due in 24 months. If money is worth 7.2% p.a. compounded quarterly, ...
Video: Lower Limb Arteries Animation

For a complete list of videos, visit our video library