The purchase discount amount is calculated on the amount of the invoice minus the returns and...
The purchase discount amount is calculated on the amount of the invoice minus the returns and allowances?
True or False?
Homework Answers
The purchase discount amount is calculated on the amount of the invoice minus the returns and allowances.
The given statement is true.
Discount amount is calculated as under:
Final amount due = Invoice - Returns and allowances.
Discount amount = Final amount due x Discount percentage
It can be understood as under:
Invoice = $10,000
Returns and allowances = $1,000
Discount = 2%
Final amount due = Invoice - Returns and allowances
= 10,000 - 1,000
= $9,000
Discount amount = Final amount due x Discount percentage
= 9,000 x 2%
= $180
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