1. Travis Corporation purchases merchandise on account from Jackson Company, terms 2/10, n/30. Travis and Jackson both use periodic inventory systems. If Travis pays within the discount period, Jackson will

credit the amount of the discount to Cash.

debit the amount of the discount to Sales Discounts.

credit the amount of the discount to Purchases Discounts.

credit the amount of the discount to Sales Revenue.

2.

Opportunities for businesses to use data analytics in making decisions include all of the following except

all of these are opportunities to use data analytics.

policies regarding sales returns.

what type of sales discount to offer.

which customers should be granted credit.

3.

Which of the following statements about comprehensive income is not true?

Unrealized gains and losses from fair value adjustments are included in net income but not comprehensive income

An example of an item reported in comprehensive income but not net income is gains and losses on foreign currency translations.

Comprehensive income includes net income.

Comprehensive income is a more inclusive measure of earnings than net income.

4.

Metlock, Inc. purchased merchandise inventory with an invoice price of $12700 and credit terms of 2/10, n/30. What is the net cost of the goods if Metlock, Inc. pays within the discount period?

$12700

$11684

$12446

$11430

5.

Novak Corp. purchased merchandise inventory with an invoice price of $16200 and credit terms of 2/13, n/30. What is the net cost of the goods if Novak Corp. pays within the discount period?

$16200

$15876

$15921

$13932

6.

A credit sale of $5100 is made on April 25, terms 2/10, net/30, on which a return of $100 is granted on April 28. What amount will be received as payment in full if collected on May 4?

$4998

$4900

$5000

$5100