QUESTION 3 1 poir xxx Sales Less Cost of Goods Sold TEM ONE osas Total Operating Expenses TEM TWO Plus Other Income (Less: Omer Expenses) TEM THREE XXX XXX xx XE What caption should replace ITEM TWO? a. Income (Loss) from Operations Gross Profit c. Not Income (Loon) d. Merchandise Inventory QUESTION 4 1pc Credit Terms A wholesaler sets Inventory to a rotter under the form 1710,30, FOB Shipping Point Credit Terms What is the percent of discount that the retailer may claim by paying for the invertory promptly? 09 d. 10% 6. 30% QUESTION 5 On December 12 Cheung Company purchased 200 televisions for $250 each. By the end of the month Cheung had sold 15 of these for $365 each What amount of sales should Cheung report on its income statement? a. 373.000 5.53.750 $5,475 d. $46,250 e $1.725 DESTE