Aiko, lani, and charlie own the 3-star partnership, sharing profits and loss-es 20: 50: 30. during the current year, 3-star has total gross income of $500,000 and total allowable deductions of $300,000. how should each of the following taxpayers account for 3-star’s results? explain. a. 3-star partnership c. lanib. aiko d. charlie

Assume the perpetual inventory method is used. 1) the company purchased $12,500 of merchandise on account under terms 2/10, n/30. 2) the company returned $1,200 of merchandise to the supplier before payment was made. 3) the liability was paid within the discount period. 4) all of the merchandise purchased was sold for $18,800 cash. what effect will the return of merchandise to the supplier have on the accounting equation?