primary once between merchanding and 16 NAME SECTION True ore business in me COM PROFESSOR 2 Date and credite beginning, merchant om liminates the beginnentory at the end of the period Costal posto penola merchandising business ung the motor method of presentine expenses in the one statement in the vantage of splity because allocation of operating expenses between functional assifications necessary The function of perse method reports gross margin and income from operation Operating income is not computed in the nature of expense method 7

primary once between merchanding and 16 NAME SECTION True ore business in me COM PROFESSOR 2 Date and credite beginning, merchant om liminates the beginnentory at the end of the period Costal posto penola merchandising business ung the motor method of presentine expenses in the one statement in the vantage of splity because allocation of operating expenses between functional assifications necessary The function of perse method reports gross margin and income from operation Operating income is not computed in the nature of expense method 7. Gross margin from sales the income that the business would have made di wilable for sale has been sold during the period Hi The excel of gross profit over operating expenses is called operating profit 9. in the worksheet the ending inventory amount will appear in the income statement credit column and the balance sheet debit column 10. The determination of netcost of purchases would include addition of transporte Our 11. The traditional balance sheet mangement of assets on the left hand side with the abilities and owner's equity on the richt-hand side is talled the report form 12. Net sales is not an account name. 13. In the income statement operating expenses are classified as welling experts administrative expenses and other operating expenses 14. The sales returns andlowances account has a normal debit balance. 15. The closing entry for transportation in debits purchases and credits income summary