Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. step by step why answer is 75,000 lowes sells m

step by step why answer is 75,000 Lowes sells merchandise to customers....

70.2K

Verified Solution

Question

Accounting

step by step why answer is 75,000 image
Lowes sells merchandise to customers. Cost of inventory is 70% of the selling price. - Lowes uses a gross method to account for sales discount on early receipt of accounts receivables. - The terms for all Account Receivables are 2/10, n/30. - Merchandise becomes unreturnable after 5 months. In 2021, the beginning inventory for Lowes was $1,000,000, Lowes' sales transactions during 2021-2022 are as follows: What is the amount of bad debt expenses Lowes recognizes at the end of 2021

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

"Machine A costs $27,000 to purchase and is worth $9,000 in 4 years at the end...

Statistics
1.2K views

After preliminary testing, it is determined that .01 of the residents of Selma have a certain...

Chemistry
1.2K views

A Zn-Cu battery is constructed as follows at 25oC Zn(s) | Zn+2(aq) (0.20 M) || Cu+2(aq) (2.5 M) | Cu(s) The...

Chemistry
1.2K views

The orbital potential energies for the 4s and 4p of Br are -18.65 ev and -12.49ev,...

Medical Sciences
1.2K views

Type a 500-600 word response to this topic below: The B cell response is largely associated with...

General Management
1.2K views

1. What are the three most important characteristics shared by successful entrepreneurs? 2. What is the most...

Accounting
1.2K views

List and describe 9 employee fringe benefits that are excluded from income. Give an example of...

Biology
1.2K views

Why did the ice cover finally melt O the interior of the earth got hotter...

Basic Math
1.2K views

How many strings of 5 upper case letters of the English alphabet start or end...

Accounting
1.2K views

William develops a series of silly biodata questions and administers them to his current employees....

Accounting
1.2K views

Wildhorse Corporation was formed five years ago through an initial public offering (IPO) of common...

Accounting
1.2K views

The correct answer is formatted as a 4 number fasb codification. ...