21) A WORKSHEET IS A MANDATORY FORM THAT MUST BE PREPARED ALONG WITH AN INCOME STATEMENT AND BALANCE SHEET. O True O False 22) RETAILERS AND WHOLESELLERS ARE BOTH CONSIDERED MERCHANDISING ENTERPRISES. O True O False (1 pts) 23) SALES MINUS OPERATING EXPENSE EQUALS GROSS (1pts) PROFIT (1pts) O True O False 24) UNDER A PERPETUAL INVENTORY SYSTEM, THE COST OF GOODS SOLD IS DETERMINED EACH (1pcs) TIME A SALE OCCURS O True False 25) THE SALES RETURN AND ALLOWANCE ACCOUNT AND THE SALES DISCOUNT ACCOUNT ARE (pts) BOTH CLASSIFIED AS EXPENSE ACCOUNT True False