okyo Trading Corp. sold inventory costing $400 to a customer on account for $600. Which...
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Accounting
okyo Trading Corp. sold inventory costing $400 to a customer on account for $600. Which of the following does not correctly describe the collection of $586 cash when the customer takes advantage of a sales discount?
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Gross profit decreases $14.
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Accounts receivable decreases $600.
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Net sales decrease $14.
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Net income is not affected.
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