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A single-step income statement is considered more useful because it provides a detailed breakdown of all the categories of expenses. True False When a company returns merchandise to its supplier under a perpetual inventory system, the Merchandise Inventory account will be debited. Assume the company uses the earnings approach for revenue recognition. True O False The term n/44 means the purchaser must pay 4.4% interest if their payment is late. the seller is expected to deliver the goods within 44 days. the entire bill must be paid within 44 days. the seller is offering a 44% discount for early payment. Acompany shows the following balances: Sales $1040000 Sales returns and allowances 240000 Cost of goods sold 700000 Operating expenses 72000 What is the gross profit margin? 81.3% 0 12.5% 67.3% 32.7%