Question: (Appendices) SALES DISCOUNT POLICIES. Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned Shell service station

(Appendices) SALES DISCOUNT POLICIES. Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned Shell service station located at a busy intersection in Cincinnati, Ohio, that offers a 3% discount for cash purchases of gasoline. The second is a large Builders’ Square store located near a freeway interchange on the outskirts of Cleveland that offers building contractors terms of 3/10, n/30. And third, Huntington Clothiers is a Columbus-based clothing manufacturer and catalog retailer. Several times during each year, Huntington distributes a sales catalog in which men’s dress shirts are heavily discounted if purchased in lots of four or more. LO41 REQUIRED:

1. What are the main objectives of the discount policies in each of the three

“ businesses?

2. How does accounting information assist each business in achieving its discount policy objectives?

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