Question 14 (1 point) The following is true about a perpetual inventory system: accounting records do not continuously disclose the amount of inventory. At any point in time, the accounting records are up to date in terms of sales and cost of goods sold increases in inventory resulting from purchases are debited to purchases. there is no need for a year-end physical count. the account purchase returns and allowances is credited when goods are returned to vendors. Question 15 (1 point) Which of the following statements is incorrect? Gross profit Operating expenses Net income Net income + Operating expenses Gross proft Operating expenses - Cost of goods sold Gross profit Sales revenue cost of goods sold - Operating expenses Net income Sales - cost of goods sold gross profit Question 16 (1 point) A credit sale of $3,800 is made on April 25, terms 2/10, net/30, on which a return $200 is granted on April 28. What amount is received as payment in full on May 4? $3,600 $3,800 $3,528 $3,724