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Question 1.4 If credit terms are 2,10, n/30, then the purchaser has 30 days to pay in order to earn a 10% discount. O True O False * Question 1.5 Net Sales less Cost of Merchandise Sold equals a Gross Profit O True False Question 1.6 The multi-step income statement can be useful to determine how much a company earns from product sales. O True O False Question 1.7 Merchandise inventory consists of inventory acquired for resale to customers. O True O False