The accounting for defined benefit plans is usually very easy and straight forward. 50. The statement of owner's equity shos a. only net income, beginning and ending capitla b. bnly total assets, beginning and ending capital c. only net income, beginning capital, and withdrawasl d. all the changes in the owner's capital as a result of net income, net loss, additional investments, and withdrawals 51. Dorman Co, sold merchandise to Smith Co. on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Dorman Co, issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. The Smith Co, paid the invoice within the discount period. What is amount of net sales from the above transactions? a. $16,250 b. $14,100 c. $15,925 d. $13,818 52. Which of the following accounts will only be found in the chart of accounts of a merchandising company? a. Sales b. Accounts Receivable c. Merchandise Inventory d. Accounts Payable 53. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are a. n/30 b. FOB shipping point c. FOB destination d. consigned 54. The proper journal entry to record the receipt of inventory purchased on account in a perpetual inventory system would be: a. Jan 1 Inventory 540.00 Accounts Payble 540.00 b. jan 1 Office Supplies 540.00 Accounts Payble 540.00 Jan 1 Purchases 540.00 Accounts Payable 540.00 d. Jan 1 Purchases 540.00 Accounts Receivable 540.00