ABC Merchandise business shows their gross profit and income from operation at the end of the year. Which of the following method of statement prepared by ABC Merchandise business? a. Multi Step income statement b. Trial balance c. Balance sheet d. Simple Step income statement

Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the credit terms of 3/10 n/60. What do you mean 3 under the credit term? a. maximum credit days 10 b. maximum credit 3 days c. maximum 10% cash discount d. maximum 3% cash discount