Sales discounts do not affect a company's gross margin.
Answer the following statement true (T) or false (F)
False
Sales discounts reduce net sales and gross margin equally.
You might also like to view...
Bob and Bill allocate 2/3 of their partnership's profits and losses to Bob and 1/3 to Bill. The net income of the firm is $20,000. The journal entry to close the Income Summary will include ________. (Do not round any intermediate calculations.)
A) credit to Income Summary for $13,333 B) debit to Bob, Capital for $6667 C) credit to Bob, Capital for $13,333 D) credit to Income Summary for $20,000
In densely populated areas, marketing and distribution costs are usually _______ than in sparsely populated areas.
Fill in the blank(s) with the appropriate word(s).
Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?
A) selling expense B) miscellaneous expense C) administrative expense D) other expense
Tariffs and quotas are examples of export controls
Indicate whether the statement is true or false