Multiple Choice Question 166 Financial information is presented below: Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold $ 49000 6000 8000 194000 89000 The amount of net sales on the income statement would be $194000. $188000. $180000. $186000. Click if you would like to Show Work for this question: Open Show Work Multiple Choice Question 164 Financial information is presented below: Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold $ 22000 8000 5000 144000 85000 The gross profit rate would be O 0.35. 0.41. O 0.65. O 0.32. Click if you would like to Show Work for this question: Open Show Work Multiple Choice Question 162 Financial information is presented below: Operating expenses $ 34000 Sales revenue 184000 Cost of goods sold 147000 The profit margin ratio would be O 0.98. O 0.80. C 0.02. C 0.20 Click if you would like to Show Work for this question: Open Show Work Multiple Choice Question 132 Sunland Company sells merchandise on account for $2300 to Morton Company with credit terms of 2/15, n/30. Morton Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Sunland Company make upon receipt of the check? O Cash 1600 Accounts Receivable 1600 1568 732 2300 Cash Sales Returns and Allowances Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable 1568 700 32 2300 2254 46 Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 700 1600 Click if you would like to Show Work for this question: Open Show Work Multiple Choice Question 102 Swifty's Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $75400, terms 2/12, n/30. Returned $1300 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $72618. o increased by $73304. increased by $73318. increased by $74800. Click if you would like to Show Work for this question: Open Show Work