"tradeall inc., leases automobiles for its sales force. on january 1, 2017, the company leased 100 automobiles and agreed to make lease payments of $10,000 per automobile each year. the lease agreement expires on december 31, 2021, at which time the automobiles can be purchased by tradeall for a nominal price. assume an effective rate of 10 percent."

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na