Income Statement and Accounts for Merchandiser For the fiscal year, sales were $7,202,000 and the cost of merchandise sold was $4,140,000 a. What was the amount of gross profit? Yes, because there could be no other income and expense items that could affect the amount of net income. No, because there could be other income and expense items that could affect the amount of net income. b. If total operating expenses were $242,000, could you determine net income? mer Refunds Payable an asset, liability, or owner's equity account? Asset account normal balance? Liability account Owner's equity account Peturns Inventory an asset. liability, or owner's equity account? c. Is Customer Refunds Payable an asset, liability, or owner's equity account? normal balance? Credit Debit mated Returns Inventory an asset, liability, or owner's equity account? normal balance? C. is Customer Refunds Payable an asset, liability, or owner's equity account? What is its normal balance? Asset account ated Returns Inventory an asset, liability or owner's equity account? Liability account normal balance? Owner's equity account intimated Returns Inventory an asset, liability, or owner's equity account? Credit s normal balance? Debit