BERKELEY COLLEGE Winter 2017 Financial Accounting 1 Test Number 3-Chapter 6 ctions: Answer all questions. Questions 1-2 Income Statement For the Year Ended December 31, 20XX Revenues: Net Sales $200,000 Interest Income 17,500 Total Revenues $217,500 Costs and Expenses $60,000 Cost of Goods Sold Selling Expenses 20,000 General Administrative Expenses 27,500 Interest Expense 12,500 Total Costs and Expenses 120,000 Net Income (Loss) 97,500 1 If the income statement was prepared in multistep form, what would be the gross margin from sales? 2 What is the gross profit percentage [to one decimal point? Questions 3-4 We purchased 1,000 widgets costing $2.50 on March 9. Our terms are 2/10, net 45, FCB warehouse plus $150 freight. 3 Prepare the journal entries for the purchase and payment, taking the discount. Use the perpetual inventory method. omit the explanation. 4 Prepare the journal entries for the purchase and payment, taking the discount. Use the periodic inventory method. Omit the explanation