J&L Lumber reports Purchases of $66,000.If Purchases Returns and Allowances are $6,000 and Purchases Discounts are $1,500,what are the net Purchases?

Name: J&L Lumber reports Purchases of $66,000.If Purchases Returns and Allowances are $6,000 and Purchases Discounts are $1,500,what are the net Purchases?
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

Net Purchases are calculated as Purchases minus Purchases Returns and Allowances and Purchases Discounts. So, $66,000 - $6,000 - $1,500 = $58,500.

J&L Lumber Reports Purchases of $66,000