This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...of the offering of discounts over what is taken by customers and would have to be treated as income additional to the booked sales income. Inasmuch as the sale or purchase, under this method, must be booked on a cash option basis, this treatment would seem to result in a departure from the fact of true cost or an ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...of the offering of discounts over what is taken by customers and would have to be treated as income additional to the booked sales income. Inasmuch as the sale or purchase, under this method, must be booked on a cash option basis, this treatment would seem to result in a departure from the fact of true cost or an inconsistency in booking some of the elements which enter into the cost of merchandise and not others. The price at which a merchant can sell his product must include all direct and indirect costs and provide a margin for profit. The Sales Discount offered is simply one of these indirect costs. It cannot be more accurately estimated than can the salesman's salary element which is a part of the sale price. It is not consistent to separate the invoice price into two elements and term one real selling price and the other sales discount cost when the "real" selling price is still a very composite item. Rather, book the sale at its full invoiced price and record actual costs and apply them later as they accrue. After all, the sales policy of each concern enters largely into the determination of its normal selling price. A concern with a normal credit term of 30 days fixes its sale price on that basis; one with a 60-day credit term will have its sale price fixed by the risk and interest costs, mentioned above, based on the 60-day term; and one doing a cash business will determine its sale price accordingly. However, in order that each concern may have the information necessary for its guidance under its particular sales policy, sales should be recorded on the basis of its normal credit term. To secure the information sought as to neglected discounts, it is suggested that memorandum accounts be raised for that purpose and entry be made of the ex...
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