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Cash discount |
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Cash discount An incentive offered to purchasers of a firm's product for payment within a specified time period, such as ten days. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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This item discusses the IRS's views on inventory issues, including purchased and produced goods pooling under the LIFO inventory price-index computation (IPIC) method, maintaining required inventory records and reporting trade discounts and allowances. In the second quarter 2006, we recorded an adjustment to discounts and allowances to reflect the reversal of the remaining $1. Gross margin in 2005 was unusually high as a result of $1,089,172 of income derived from "Prior Year's Purchases Discounts and Allowances settled in 2005. |
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