please help me with qustiones

6:12 PM Mon Mar 8 '3 66% E} Take Quiz Exit 1. Gross prot results from deducting cost of goods sold from sales. For example, if a vehicle is sold for $16,000 but cost $12,000, the gross prot calculation would be Sales Cost of Goods Sold Gross Prot The gross prot on the sale is $4,000. The gross prot percentage is $4,000/ 16,000 or 25 per cent. That is for every $1 of sales, the business earns $.25 on average to cover other expenses. D Question 2 3 pts 1. The term \"1/15, n30\" means that the amount owing must be paid within days ('n' = net). However, if cash payment is made within days, the purchase price will be reduced by %. D Question 3 4 pts 1. All items with credit balances are still closed to the Income Summary for a company. In a company, usually this closing entry only includes the Revenue general ledger account. In a merchandizing company, Returns and Allowances and Purchase Discounts, as well as , will also be closed to the Income Summary, as these all have normal credit balances. Additional accounts with normal debit balances also need to be closed to the Income Summary in a merchandizing company. These include Sales Discounts and Sales Returns and Allowances under a perpetual inventory system