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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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The percentage of credit sales approach is closely related to the

a. income statement.

b. balance sheet.

c. statement of retained earnings.

d. statement of cash flows.

To determine

Percentage of Credit Sales Method:

The method named percentage of credit sales method is the method in which the bad debts are computed on the basis of percentage of sales. Further, it deals with the item of income statement.

To select:

The best close relation of the percentage credit sales method.

Explanation

The income statement is the one which deals with the income and expense of the business and shows the net gain of the business and the sales is the item which is reflected in the income statement. Hence, option (a) is correct.

The balance sheet shows the fair view of working and balance of the liability and assets of the business. Hence, option (b) is not correct

The cash flow statement is the one which indicates the flows of cash of the business i...

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