INSTRUCTIONS: Complete the following statements by writing the appropriate words or amounts in the Answers column.

STATEMENTS	Answers
0.... The form of balance sheet with assets, liabilities, and stockholders equity listed in a downward sequence is referred to as the	report form
1.... The document that the seller sends to the buyer listing the terms of the sale is called the
2.... The inventory accounting system in which the amount of inventory on hand can always be determined is called the
3.... The inventory accounting system in which the cost of the merchandise sold is determined at the end of the accounting period is called the
4.... If the purchaser is to assume the cost of delivering the goods, the terms of the sale are stated as FOB
5.... If the seller is to assume the cost of delivering the goods, the terms of sale are stated as FOB
68.... A sales invoice for $25,000, terms 2/10, n/30, FOB shipping point, is paid within the discount period. The seller has prepaid transportation costs of $125. Purchases of $450 are returned to the seller
6.... The amount of the sales discount is	$
7.... The title of the account in which the discount is recorded by the seller is
8.... The amount of cash received from the customer assuming payment is not made in the discount period is	$
9.... Gross profit is the difference between sales and
10.... If ownership (title) to merchandise passes to the buyer when merchandise is delivered to the freight carrier, the shipping terms are