Any chance you can check my answers. I've done them all except 11, I am stumped here

1 2 3 4 5 6 7 8 9 10 11 12 Question 1 1. The collection of a $900 account beyond the 2 percent discount period will result in a Answer debit to cash for $882. debit to Accounts Receivable for $900. debit to Cash for $900. debit to Sales Discounts for $18. 2 points Q uestion 2 pg 224 1. Which of the following would not be considered a merchandising operation? Answer Retailer Wholesaler Service firm Merchandising company 2 points Q uestion 3 pg 241 1. The gross profit rate is computed by dividing gross profit by Answer sales. cost of goods sold. net sales. operating expenses 2 points Q uestion 4 pg229 1. Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account? Answer Freight Expense Freight-in Merchandise Inventory Freight-out 2 points Q uestion 5 pg231 1. If a company is given credit terms of 2/10, n/30, it should Answer hold off paying the bill until the end of the credit period, while investing the money at 10% annual interest during this time. pay within the discount period and recognize a savings. pay within the credit period but don't take the trouble to invest the cash while waiting to pay the bill. recognize that the supplier is desperate for cash and withhold payment until the end of the credit period while negotiating a lower sales price. 2 points Q uestion 6 1. Indicate which one of the following would appear on the income statement of both a merchandising company and a service company. Answer Gross profit Operating expenses Sales revenues Cost of goods sold 2 points Q uestion 7 1. A company using a perpetual inventory system that returns goods previously purchased on credit would Answer debit Accounts Payable and credit Merchandise Inventory. debit Sales and credit Accounts Payable. debit Cash and credit Accounts Payable. debit Accounts Payable and credit Purchases. 2 points Q uestion 8 1. Anderson Inc. sells $600 of merchandise on account to Baltic Company with credit terms of 2/10, n/30. If Baltic Company remits a check taking advantage of the discount offered, what is the amount of Baltic Company's check? Answer $588 $600 $540 $560 2 points Q uestion 9 1. Under the perpetual inventory system, which of the following accounts would not be used? Answer Sales Purchases Cost of Goods Sold Merchandise Inventory 2 points Q uestion 10 1. As the president of Harter Company, you notice that no discounts have been taken when settling accounts payables. What would be an acceptable explanation? Answer All invoices have credit terms of n/30. There is not sufficient cash to pay within the discount period. Discounts are missed because no one knows how to enter them in the new accounting software. The full amount of the invoice is being paid within the discount period and the treasurer is pocketing the discount amount. 2 points Q uestion 11 1. Financial information is presented below: The profit margin ratio would be Answer .454. .119. .238. .135. 2 points Q uestion 12 1. Financial information is presented below: The gross profit rate would be Answer .700. .187 .300. .487. 2 points S ave and Submit