12. Pasadena Sterling makes a credit sale of $1,000 on Septomber 1,2016 , terms 2/1030. They accept a. retum or $250 on September 5th. Make the journal entry to reoord the payment received on September Bth. 13. If sales revenues are $500,000, cost of goods sold is $230,000 and operating expenses are $120,000. what is the gross profit? 14. The following information was taken from the June accounting records of The Art Center Group: Beginning inventory was $10,000. There were purchases of $20,000 made during the month, with $2,300 being returned. There were also $700 in discounts allowed. Freight in was $1,050. When a physical count of the inventory was made at the end of the month, the counted balance was $7,000. a. What was the total amount of Goods Available for sale during the month? b. What was the Cost of Goods sold for the month c. If Net Sales were $50,000 for the month, what was the gross profit? 15. Which of the following will affect the gross profit rate? a. An increase in salary expense b. A decrease in income taxes c. A decrease in insurance expense d. An increase in cost of goods sold. 16. Which of the following would be considered an "Other comprehensive income" item? a. Gain on disposal of discontinued operations b. Unrealized loss on avallable-for-sale securities c. Operating expenses d. Net income 17. The multi-step income statement for a merchandising company shows each of these features except: a. Gross profit b. Cost of goods sold c. A sales section d, an investing activities