HELLO HOPE ALL IS WELL HAVING DIFFICULTY UNDERSTANDING THE CONCEPT

Determine the last day the cash discount may be taken with the following terms: Invoice date: August 15; Date merchandise was received: September 3; Terms: 8/10 EOM Select one: a. September 15 b. October 10 c. September 30 d. September 10 Retail reductions include all but which one of the following? Select one: a. Employee discounts b. Markdowns c. Cash Discounts d. Shortages Use a skeletal profit/loss statement to calculate profit/loss dollars, given: Gross sales $472,091 Customer returns & allowances $29,944 Gross margin 49.3% Expenses $246,049 Hint: Remember, gross margin percent is based on net sales. Select one: a. $1,454.26 loss b. $28,070.53 profit c. $28,070.53 loss d. $1,454.26 profit Calculate the percent profit given the following figures: Net sales $897,640 Gross margin $436,253 Profit $40,394 Select one: a. 4.5% profit b. 46.90% profit c. 4.5% loss d. 46.90% loss