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okyo Trading Corp. sold inventory costing $400 to a customer on account for $600. Which...

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Accounting

okyo Trading Corp. sold inventory costing $400 to a customer on account for $600. Which of the following does not correctly describe the collection of $586 cash when the customer takes advantage of a sales discount?

  • Gross profit decreases $14.

  • Accounts receivable decreases $600.

  • Net sales decrease $14.

  • Net income is not affected.

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