Question 3 Answer saved Marked out of 2.0 P Flag question Which of the following accounts will appear on the income statement of a merchandiser but not of a service company? O depreciation expense Ob supplies OcSalaries Expense d. cost of merchandise sold Clear my choice Question 6 Not yet answered Marked out at 2.0 Remove flag The following information relates to Nebula Company. Calculate the net income. $230,000 150.000 10,000 Sales Revenue Cost of Goods Sold Rent Revenue Interest Expense administrative expenses selling expenses 2.500 20.000 6,000 O $61.500 O $80,000 Oc$54,000 Od $41,500 Ordo Question 6 Not yet answered Marked out of 2.0 Remove flag 11 12 The following information relates to Nebula Company. Calculate the net income. $230,000 150.000 10,000 Sales Revenue Cost of Goods Sold Rent Revenue Interest Expense administrative expenses selling expenses 2,500 20,000 6,000 O $61.500 O $80.000 Oc$54,000 d. 41.500 Question 7 Answer ved Marked out of 2.0 Remove flag if goods are sold or purchased under freight terms Fos destination, the O 2 the buyer and the seller split the transportation costs buyer pays the transportation costs Oc the shipping company bears the transportation cost Od setlar pays the transportation costs Clear my choice Question 9 Answer saved Marked out of 2.0 Remove flag When a merchandising business receives a discount from his supplier due to making early payment on his account, this discount is called business receives a discount due to purchasing Inventory in huge quantities, this discount in called discounts and if the mechani W O sales discount and trade discount, respectively O trade discount and purchase discount, respectively Oc sales discount and purchase discount, respectively d purchase discount and trade discount, respectively Clear my choice up-to-date Merchandisers has the following account balances for the month of July. Calculate Gross Profit. $420,000 Sales Revenue Cost of Goods Sold administrative expenses Interest expense selling expenses Interest Revenue 300,000 145,000 20,000 40,000 5,000 $100.000 $120,000 $22.000 Od 14.000 Clear my choice Question 9 Lahat 3.0 Remove Question 12 Not yet answered Marked out of 2.0 p Flag question Focusing on the multiple step income statement, you are to use the necessary balances below to calculate income from operations. Sales Revenue $400,000 Cost of Goods Sold 300,000 Operating Expenses 75.000 merchandise inventory 20, customer refunds payable 8,000 Interest expense 6,000 0 $31.000 Ob $25,000 D$10.000 Od $100,000 Damais Directinn 13 Question 13 Not yet answered Marked out of 20 Remove flag The Merchandise Inventory account balance is $60,000. A physical count of inventory reveals that actual inventory balance is $55,000. Which of the following would be included in the entry for the inventory shrinkage? (Assume a perpetual inventory system.) 2. a $5,000 credit to Merchandise Inventory Ob a $5,000 credit to cost of merchandise sold Os a $55,000 credit to Merchandise inwentory O d. a $60,000 debit to Cost of marchandise sola Clear my choice Which of the following accounts for a merchandising business would have a normal debit balance? a estimated returns inventory Ob customer refunds payable csales Od J. Jones capital Clear my choice