Examlex
For a $100,000 trade payable with terms of 2/10,net 45,how much would be reported as "purchase discount lost" under the gross method if a payment was made after 60 days?
Carrier
A company or individual responsible for the transportation of goods or people.
Substantially Conforming
A term that refers to goods, services, or performance that meets contract specifications closely enough to fulfill the agreement's requirements.
Conforming Goods
Goods that meet the specifications and standards outlined in a contract, satisfying the terms of the agreement between buyer and seller.
Preponderantly Conforming
A legal term used to describe goods that substantially meet the specifications or requirements outlined in a contract, despite minor discrepancies.
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