11) A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $500, was added to the invoice amount. On June 20, it returned $800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: A) $9,224. B) $10,200. C) $10,500. D) $10,300. E) $9,424. 11) 12) The acid-test ratio: A) Is also called the quick ratio. B) Measures profitability C) Measures inventory turnover. D) Is generally greater than the current ratio. E) Measures return on assets. 12)