I have 10 multiple choice accounting questions i need help with, thanks for your patience.

QUESTION 1 Not complete Marked out of 1.00 Flag question Question text Smith & Sons purchased $10,000 of merchandise from the Claremont Company with terms of 2/10, n/30. How much discount is Smith & Sons entitled to take if it pays for the merchandise within the allowed discount period of 10 days? Select one: $ 20 $200 $400 There is insufficient information to determine the discount. Check QUESTION 2 Not complete Marked out of 1.00 Flag question Question text Smith & Sons purchased merchandise with a list price of $5,000 from the Claremont Company. Claremont offers its customers credit terms of 3/10, n/45. What amount should Smith & Sons pay if the cash discount is taken? Select one: $4,850 $4,900 $4,950 $5,000 Check QUESTION 3 Not complete Marked out of 1.00 Flag question Question text On January 1, Smith & Sons purchased merchandise with an invoice price of $3,000 and credit terms of 2/10, n/30. On January 4, Smith & Sons paid $100 transportation costs on the purchased merchandise. On January 9, Smith & Sons paid for the merchandise. What is the total cost of the purchased merchandise? Select one: $3,100 $3,040 $3,000 $2,940 Check QUESTION 4 Not complete Marked out of 1.00 Flag question Question text Smith & Sons uses the perpetual inventory system. The company purchased merchandise with an invoice price of $800, with terms of 2/10, n/30. If the company returns merchandise with an invoice price of $200 to the supplier before any payment was made for the merchandise, what should the journal entry to record the return include? Select one: Debit to inventory for $200 Debit to inventory for $196 Credit to inventory for $200 Credit to inventory for $100 Check QUESTION 5 Not complete Marked out of 1.00 Flag question Question text A merchandising company's classified income statement differs from that of a service company in what way? Select one: A service company's income statement does not include a line item for cost of goods sold. A service company's income statement has a line for selling expenses whereas the income statement for a merchandising company does not. A merchandising company's income statement will have a line for income from operations whereas a service company will not. There is no difference. Check QUESTION 6 Not complete Marked out of 1.00 Flag question Question text During the year, Smith & Sons purchased inventory with an invoice price of $400,000. The company also paid $20,000 freight charges on the inventory, and returned $50,000 of inventory to the supplier. After the return, the inventory was paid for in a timely manner, so Smith & Sons took a $10,000 cash discount. During the year, the company sold $300,000 of the inventory for $525,000. What is the year-end balance in the company's inventory account assuming that it began the year with no inventory on hand? Select one: $70,000 $60,000 $50,000 $40,000 Check QUESTION 7 Not complete Marked out of 1.00 Flag question Question text Smith & Sons reports net sales of $5,000, cost of goods sold of $3,000, and net income of $500. What is the gross profit percentage for the company? Select one: 10 percent 17 percent (rounded) 40 percent 90 percent Check QUESTION 8 Not complete Marked out of 1.00 Flag question Question text Smith & Sons reports the following data at year-end: Net sales $100,000 Cost of goods sold 60,000 Net income 20,000 What is the company's gross profit percentage? Select one: 20 percent 40 percent 60 percent 80 percent Check QUESTION 9 Not complete Marked out of 1.00 Flag question Question text Smith & Sons reports the following data at year-end: Net sales $100,000 Cost of goods sold 60,000 Net income 20,000 Using the data from Question 8, calculate the company's return on sales ratio. Select one: 20 percent 40 percent 60 percent 80 percent Check QUESTION 10 Not complete Marked out of 1.00 Flag question Question text Smith & Sons began the period with $10,000 in inventory. The company also purchased $20,000 of inventory and returned $2,000 for a full credit. A physical count of the inventory at year-end revealed $15,000 of inventory on hand. What was the company's cost of goods sold for the period? Select one: $32,000 $30,000 $28,000 $13,000