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1) The income statement for a merchandising company shows each of these features except: (a) Gross profit (b) Cost of goods sold (c) Sales or

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1) The income statement for a merchandising company shows each of these features except: (a) Gross profit (b) Cost of goods sold (c) Sales or revenue (d) All of these are present 2) Below is the Balance Sheet data for Terps Corp. Complete the balance sheet using the Excel template in the Assignment Folder under Files, and submit the Excel file here. Hint: you will need to calculate the Retained Earnings Value. 1. Cash $1,740 2. Accounts Receivable $2,500 3. Inventories $900 4. Bad Debt Provision $-75 5. Accounts Payable $1050 6. Notes Payable $500 7. Accrued Expenses $125 8. Long-term Liabilities $950 9. Land $475 10. Plant and Equipment $3100 11. Accumulated depreciation $1060 12. Stock $680 13. Capital surplus $45 14. Retained Earnings (Value Not Given)

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