Norfolk sporting goods purchases merchandise with a catalog list price of $30,000. the retailer receives a 30% trade discount and credit terms of 2/10, n/30. what amount should norfolk debit to the inventory account? $30,000 $29,400 $20,580

The answer is $20,580.

$30,000 x 0.30=$9,000

$30,000-$9,000=$21,000

$21,000 x 0.02=$420

$21,000-$420=$20580

Plainly put, extreme income inequality, such as the kind found in Sub-Saharan Africa and South Asia, cause economic inefficiency. The relatively wealthy tend to save a much higher proportion of their income than the poor. In order to grow economically, a society must have robust rates of consumption. However, if most of the wealth of a country is owned by a very small percentage of its population, that wealth is saved, not spent. These savings are then invested by individuals and financial institutions.

Explanation: