Click in the boxed areas to the right of each item below. A pick list will launch. Click on the pick list icon to reveal a drop-down menu of choices. Select the correct choice to turn the boxed area green. Sales minus "what" yields the gross profit? Which of these is not regarded as an "operating expense"? Does the account credited differ for cash sales vs. sales on account? Issued by the seller for returned goods originally purchased on account. Which is subtracted from gross sales to find net sales? This is the impact on Sales Returns and Allowances for a return. Which of these is the basis for intial measurement of a sale? Terms 1/10, n/30 indicates an available discount of: 1-17.03 The presence of a Sales Discount account indicates that a discount was: U 1 Which of these is not regarded as an "operating expense"? O Rent Expense O Insurance Expense O Advertising Expense O Cost of Goods Sold 2 Does the account credited differ for cash sales vs. sales on account? O No O Yes O Maybe O None of the above. 3 Issued by the seller for returned goods originally purchased on account. O Credit memo O Sales Discount O Debit memo O Trade Discount 14 15 14 D 4 Which is subtracted from gross sales to find net sales? O Sale Return O Sales Allowances O Sales Discount O All of the above 5 What is the impact on Sales Returns and Allowances for a return? O Both of the above O Credit Sales Return and Allowances O Debit Sales Return and Allowances O None of the above. 6 Which of these is the basis for initial measurement of a sale? O Trade discount O Sales Discount O List price O Invoice price 19 159 R 19 7 Terms 1/10, n/30 indicates an available discount of: O 10% O 30% O 1% O 1% if paid within 30 days 8 The presence of a Sales Discount account indicates that a discount was: O Taken O Maybe taken O Will be taken O Missed 9 F.O.B shipping point means: O Buyer pays for shipping O Shipping is free O Buyer and Seller both pay for shipping O Seller Pays for shipping 10 F.O.B Destination means: O Seller pays for shipping and the seller owns the items until it gets to the final destination. O None of the above. O Seller pays for shipping and buyer owns the items until it gets to the final destination. O Buyer pays for shipping 19 14 14 14