True/false

T/F 1. A single-step income statement includes cost of goods sold as another expense, and shows only one subtotal for total expenses. 2. Operating expenses are classified into two categories: selling expenses and cost of goods sold. 3. Sales of $350,000 and net sales of $323,000 could reflect sales discounts of $27,000. 4. A journal entry with a debit to cash of $980, a debit to Sales Discounts of $20, and a credit to Accounts Receivable of $1,000 means that a customer has taken a 10% cash discount for early payment. 5. FOB (Free on board) shipping point implies that ownership of merchandise transfers to the buyer at the buyer's place of business