STUDENT NAME QUIZ 7 BUSS 201- 1 PM TALL 201 1 The Salaries Expense account is a Temporary or Permanent Account? 2. The beginning balance in the Retained Earnings account of a company wes AED 11.000 The revenues and expenses were AED 240,000 and ALD 160,000, respectively Ouring the ye company paid dividends of AED 6.000 Ending balance in Retained ings w a Jackson Services, inc earned revenues of AED 1 09,000, incurred expenses of AED 110.poan paid dividends of AED 5.000. Retained Earnings will Increase or Decrease_ flate must be correct fr credit On April 2, Forever account with terms 4. Forever Jewelers uses the gross method and a perpetual inventory system. sold merchandise with a cost of AED 1,400 for AED 5,400 to a customer on of 1/15, n/30Complet e the journal entries correctly recording the sales revenue? 5. Which of the following line items would appear on the income statement of a company that uses the periodic inventory system, but not on that of a company that uses the perpetual inventory system? A) Net Sales Revenue B) Cost of Goods Sold C) Cost of Goods Available for Sale D) Operating Expenses 6. High Quality Jewelers uses the perpetual inventory system. On March 3, High Quality sol merchandise for AED 55,000 to a customer on account with terms 4/15, n/30. The cost of goods sold was AED 22,000. On March 18, High Quality received payment from the customer.Calculate the amount of gross profit. AED PA ENS 7. Calculate the current ratio using the following information: (Round your answer to two decimal places)to 1.00(10 Points) Cash Accounts Receivable 1,100 Prepaid Rent AED 5,000 1,000 40,000 Land Equipment 4,000 Accumulated Depreciation1,200 3,000 900 Notes Payable-long term 9,000 Accounts Payable Salaries Payable Page 1