9. TF 06-037 amount of the sales recorded is $3,528 s sold for $3,600, terms FOB
ID: 2600563 • Letter: 9
Question
9. TF 06-037 amount of the sales recorded is $3,528 s sold for $3,600, terms FOB destination, 2/10, n/30, with prepaid freight costs of s150. The True False 10. TF.06-047 Title to piace oriee shiping point passes to the buyer upon delivery of the merchandise to merchandise shi True False pped FOB 11. MC.06-075 Which of the following is not a difference between a retail business and a service business? a. accounting equation b. in what is sold C. merchandise inventory included on the balance sheet d. the inclusion of gross profit on the income statement 12. MC.06-077 What is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold? a. net income b. gross sales c. gross profit d. income from operationsExplanation / Answer
9- TRUE
10- FALSE
because FOB(free on board) it is the term used when the exporter ship the product to importer port
11- C
because retail business is in the term of merchandise inventory used but not in the term of service
12- C
Measures the profitability of each sales dollar above the cost of goods sold
= Gross Profit / Net Sales Revenue
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