21 of 25 If net sales increase and cost of goods sold decrease, the gross profit ratio O increases O remains the same O cannot be determined from the information given 22 of 25 The account Salaries Expense began with a zero balance and then had the following changes: increase of s550, decrease of 5275, increase of s600, and an increase of $375. The final balance is a O credit balance of $1 250 O credit balance of $1,800 O debit balance of $1,250 O debit balance of $1,800 23 of 25 A low gross profit percentage means that the cost of goods sold was relatively high O general and administrative expenses are very high. the cost of goods sold was relatively low O selling expenses are very low 24 of 25 The Betta Corp's inventory account balance was 51,450 at the end of the year. A physical inventory count revealed that inventory on hand was 51,150. What amount shouid Betta report on the balance sheet for inventory? o $1,450 $1,150 O 52,600 5300 25 of 25 The time period within which an invoice may be paid early to receive a price reduction is called the O discount period o cash period o payment period o credit period