Treo/False Sales Returns & Allowances is a conira-tevese sccount 2. The cost of acquiring inventory lncludes adding the cost of freight associated with obtaining the invensa and suberacting the amount of cash discount allowed from timely payment 3.laspecifying credit terti, 210, means that one-half ofthe invoice must be paid ito _ balance due in 30 days Under the periodic LIFO method of inventory costing, the eoding layntory amount reflects the anost rs inventocy purchases S. At the end ofan accounting period, the "eash balance per bank statement" on that date is usually the p 6 Ouscanding checks are checks a company has writen and reconded as cash disbursements that hav cash amount to show on the balance sheet. been presented to the bank for payment Multiple Choice Kiene the leter of the choice that best completes the statement or annwers the question 7. If a firm's begining inventory is $35,000, purchases are $160,000, and the cost of goods re $160,000, and the cost of goods sold is SIS what is its ending inventory? $45,000 b $130,000 . $15,000 d $165,000 On which financial statement would you look to find the total cost of goods sold? a. b. Statement of cash flows Income statement 8. Statement of stockholders' equity Balance sheet 9. Using a perpetual inventory system, the journal entry, on the purchaser's books (not the seller), return of merchandise purchased on account includes a: a. Credit to Accounts Payable b. Credit to Inventory c. Credit to Sales Credit to Cost of Goods Sold d. When merchandise that was sold on account is returmed, using the perpetual inventory systemw are affected in the books of the seller? a. Sales returns, accounts receivable, purchases, and inventory 10. Sales returns, accounts receivable, purchases, and cost of goods sold Cash, accounts receivable, cost of goods sold, and sales returns b c. d Sales returns, accounts receivable, inventory, and cost of goods sold