R&R Lumber reports Purchases of $60,000.If Purchases Returns and Allowances are $6,000 and Purchases Discounts are $1,500,what are the net Purchases?

Question

Quizplus · Accepted Answer

To find the net purchases, we need to subtract purchase returns and allowances and purchase discounts from purchases.

Net Purchases = Purchases - Purchases Returns and Allowances - Purchases Discounts

Net Purchases = $60,000 - $6,000 - $1,500

Net Purchases = $52,500

Therefore, the correct answer is B) $52,500.

R&R Lumber Reports Purchases of $60,000