Which one of the following best explains the distinction between inventory and an operating asset? Oa. ownership Ob. purchase price Oc. intent Od. cost Which of the following accounts would not be found as an asset on the balance sheet of a manufacturer? Oa. Merchandise Inventory Ob. Finished Goods Inventory Oc. Raw Materials Inventory Od. Work in Process Inventory Which one of the following would appear on the income statement of a merchandising company, but not on the income statement of a service company? a. Income tax expense Ob. Selling and administrative expenses Oc. Cost of goods sold Od. Net sales A customer returned damaged goods and was given an allowance. Which of the seller's accounts decreases? Oa. Sales Revenue Ob. Purchase Returns Oc. Accounts Receivable Od. Sales Returns