true or false? net sales is sales minus sales returns and allowances plus sales discounts. true or false? the purchases account is not classified as a selling expense.

true or false? reversing entries are journalized and posted before adjusting and closing entries are journalized and posted. true or false? liquidity is the ability to pay all current liabilities in one year.

Cost of goods sold may be computed by Oa. adding beginning inventory and ending inventory together. Ob. subtracting ending inventory from cost of goods available for sale. 0 c. adding beginning inventory to cost of goods available for sale. Od. subtracting beginning inventory from net purchases. Oe. subtracting beginning inventory from cost of goods available for sale. Net sales of Clean Spectacles is $90,000, cost of goods sold is $54,000, selling expenses are $17,000, and general expenses are $12,500. Which of the following is its gross profit a. $83.500 Ob. 5173500 Oc. 519.000 Od 536.000 De 16500 Purchases differ from delivered cost of purchases by the amount of Oa, the cost of goods available for sale. Ob. ending merchandise inventory. Oc. the cost of goods sold. Od. beginning inventory. O. e. Purchases Returns and Allowances, Purchases Discounts, and Freight In. An example of Other Income for a firm other than a bank or real estate office is Oa. Gain on Disposal of Property and Equipment. Ob. Interest Income Oc. Rent Income Od. All of these choices are correct. Oe. None of these choices are correct. The ability of an asset to be quickly turned into cash Oa. Disposal b. Profitability c. Liquidity d. Accrual Clear All Property and equipment Long-lived assets Reversing entries Once-a-year accounting entries recorded on the first day of the fiscal period Gross profit The ability to convert assets quickly into cash Working capital The firm's excess of its current assets over its current liabilities Liquidity Excess of net sales over the cost of goods sold