Use the Following Information for Questions

question 77

Multiple Choice

Use the following information for questions.
Ryerson Corp.records purchases at net amounts.On May 5, Ryerson purchased merchandise on account costing $6,000 (gross) , terms 2/10, n/30.Ryerson returned $400 of the May 5 purchase and received credit on account.At May 31 the balance had not been paid.
-By how much should the account payable be adjusted on May 31?

• A)$0
• B)$112
• C)$120
• D)$592

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Definitions:

Free Trade Agreement

A pact between two or more nations to reduce barriers to imports and exports among them, enhancing economic integration and trade.

Global Uniformity

The tendency towards minimization of cultural and operational differences across various regions, aiming for a consistent global approach or standard.

Cultural Issues

Challenges that arise from differences in language, norms, beliefs, and practices among people from various cultures.

Maturity Stage

A phase in the lifecycle of a product during which growth slows, indicating a saturation of the market segment it occupies.