16) At the end of the month, su, eployees have made the tollowing espenditures from the pett o made the N cash fund and with company-issued credit cards. None of these transactions has been recoeded jpreviously Supplies (petty cash) $so Nelivery (petity cash)- s7s Advertising (credit card) s1,100 Equipment (credit card) $4,200 Accounting for these employee purchases would include a: A) Credit to Accounts Payable for $5,425. B) Debit to Accounts Payable for $5,300. C) Credit to Petty Cash for $12s D) Credit to Cash for $1,225 17) A manufacturer's inventory consists of what type of inventory? A) Finished goods. B) Raw materials. C) Work-in-process D) All of the other answers are included in a manufacturer's inventory 18 18) Cost of Goods Sold is A) A revenue account C) A permanent equity account. B) An asset account. D) An expense account. 19) The cost of inventory sold during the current year classified as a(n) in the19) A) Liability; Balance sheet C) Expense; Income statement B) Revenue; Income statement D) Assets; Balance sheet 20) Ravens Inc. has net sales of $200,000, cost of goods sold of $120,000, selling expenses 20) of $6,000, and nonoperating expenses of $2,000. What is the company's gross profit? A) $80,000. B) $72,000. C) $76,000. D) $74,000. 21) Operating income is calculated as net sales minus 21) A) Salaries expense. B) Utilities expense. C) Cost of goods sold. D) All of the other answers are subtracted from net sales to calculate operating income