{"id":47729,"date":"2021-12-31T06:28:46","date_gmt":"2021-12-31T06:28:46","guid":{"rendered":"https:\/\/academicwritersbay.com\/answers\/question-1-1-the-credit-terms-of-a-sale-are-normally\/"},"modified":"2021-12-31T06:28:46","modified_gmt":"2021-12-31T06:28:46","slug":"question-1-1-the-credit-terms-of-a-sale-are-normally","status":"publish","type":"post","link":"https:\/\/academicwritersbay.com\/answers\/question-1-1-the-credit-terms-of-a-sale-are-normally\/","title":{"rendered":"Question 1.1. the credit terms of a sale are normally"},"content":{"rendered":"<div>\n<p>Question 1.1. The credit terms of a sale are normally indicated on a(n)\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0purchase order.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0invoice.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0bill of lading.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0account receivable.<\/p>\n<p>\u00a0<\/p>\n<p>Question 2.2. The difference between sales and cost of merchandise sold for a merchandising business is\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0sales.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0net sales.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0gross sales.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0gross profit.<\/p>\n<p>\u00a0<\/p>\n<p>Question 3.3. Multiple-step income statements show:\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0gross profit but not income from operations.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0neither gross profit nor income from operations.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0both gross profit and income from operations.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0income from operations but not gross profit.<\/p>\n<p>\u00a0<\/p>\n<p>Question 4.4. Sometimes a(n) __________ is offered to buyers as a means of encouraging them to pay before the end of the credit period.\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0accounts receivable<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0credit card<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0sales discount<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0cash sale<\/p>\n<p>\u00a0<\/p>\n<p>Question 5.5. Since merchandise inventory is normally sold within a year, how is it reported on the balance sheet?\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0As a revenue<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0As the cost of merchandise sold<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0It does not appear on the Balance Sheet<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0As a current asset<\/p>\n<p>\u00a0<\/p>\n<p>Question 6.6. NBC Company had $32,000 in net sales, $15,000 in cost of merchandise sold, $18,000 in operating expenses, and $2,000 in other income. What is NBC Company\u2019s gross profit?\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0$17,000 \u00a0 \u00a0\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0$3,000<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0$1,000<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0($1,000)<\/p>\n<p>\u00a0<\/p>\n<p>Question 7.7. Generally, the revenue account for a merchandising business is entitled\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 Sales.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0Net Sales.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0Gross Sales.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0Gross Profit.<\/p>\n<p>\u00a0<\/p>\n<p>Question 8.8. Which of the following would be subtracted from gross profit to reach operating income?\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0Operating expenses<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0Other expenses<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0Income taxes<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0All of these<\/p>\n<p>\u00a0<\/p>\n<p>Question 9.9. Multiple-step income statements show\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0gross profit but not net income.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0neither gross profit nor net income.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0gross profit but not cost of merchandise sold.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0gross profit, cost of merchandise sold, income from operations, and net income.<\/p>\n<p>\u00a0<\/p>\n<p>Question 10.10. Inventory shortage is recorded when\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0merchandise is returned by a buyer.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0merchandise purchased from a seller is incomplete or short.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0merchandise is returned to a seller.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0there is a difference between a physical count of inventory and inventory records.<\/p>\n<p>\u00a0<\/p>\n<\/p>\n<\/div>\n<p> \u00a0 <\/p>\n<h5 style=\"text-align: center;\">\u201cCUSTOM PAPER\u201d<\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Question 1.1. The credit terms of a sale are normally indicated on a(n)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0purchase order. \u00a0 \u00a0 \u00a0 \u00a0invoice. \u00a0 \u00a0 \u00a0 \u00a0bill of lading. \u00a0 \u00a0 \u00a0 \u00a0account receivable. \u00a0 Question 2.2. The difference between sales and cost of merchandise sold for a merchandising business is\u00a0 \u00a0 \u00a0 \u00a0 \u00a0sales. \u00a0 &#8230; <a title=\"Question 1.1. the credit terms of a sale are normally\" class=\"read-more\" href=\"https:\/\/academicwritersbay.com\/answers\/question-1-1-the-credit-terms-of-a-sale-are-normally\/\" aria-label=\"Read more about Question 1.1. the credit terms of a sale are normally\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-47729","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/posts\/47729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/comments?post=47729"}],"version-history":[{"count":0,"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/posts\/47729\/revisions"}],"wp:attachment":[{"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/media?parent=47729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/categories?post=47729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/academicwritersbay.com\/answers\/wp-json\/wp\/v2\/tags?post=47729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}