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estion 11 et yet swered On August 5, Michaels Ltd. sells goods for $1,500 and the cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned for credit and restored to inventory. The journal entry to record the return will include arked out of DO Flag Jestion Select one: O credit to Refund Liability for $400. O credit to Estimated Inventory Returns for $215. O credit to Inventory for $215. O debit to Accounts Receivable for $400. Question 12 Which of the following is a non-operating expense? Not yet answered Marked out of 1.00 P Flag question Select one: O office expense O delivery expense O rent expense O depreciation expense O finance expense estion 13 When a company uses the perpetual inventory system, the t yet swered arked out of 00 Select one: Flag uestion O Inventory account is debited when inventory is purchased. O sale of inventory requires a credit to Cost of Goods Sold. acquisition of merchandise requires a debit to Purchases Inventory account balance does not change until the end of the year. Question 14 Answer saved Use the following information to answer question below: Cost of goods sold... $434,000 Marked out of 1.00 P Flag question Income tax expense.. 67,200 Operating expenses. 344,000 Sales........... 1,100,000 Gross profit would be estion 15 yet swered Burn's Heating Inc. has provided the following information for 2022 arked out of 0 Sales revenues Flag estion Refund Liability Estimated Inventory Returns Cost of goods sold Rent expense $100,000 5,000 2,000 40,000 15,000 Salaries expense 10,000 Select one: O 44.4% O 27.8% O 60.0% O 55.6%