-sales allowance and sales discounts are both designed to encourage customers to

Question

-sales allowance and sales discounts are both designed to encourage customers to pay their accounts promptly

-an merchandising company's net income determined by subtracting operating expenses from gross profit.

- with the periodic inventory system, goods available for sale must be calculated before cost of goods sold.
- gross profit rate is computed by dividing cost of goods sold by net sales.

-under the periodic inventory system, acquisition of merchandise are not record in the Merchandise inventory account

Explanation / Answer

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