9.

When preparing the worksheet for a merchandising business using the perpetual inventory system, which of the following statements is incorrect?

A	The merchandiser's worksheet carries the account Cost of Goods Sold.

B The main new account is the Merchandise Inventory account.

C The worksheet procedures are not similar to the worksheet procedures for a service company.

D The Merchandise Inventory account must be adjusted based on a physical count due to inventory shrinkage.

11.

Maywood Company has a current ratio of 6.00. This indicates that the company has $6 in ________.

A	current liabilities for every $1 of current assets

B	total assets for every $1 of current liabilities

C current assets for every $1 of current liabilities

D	total assets for every $1 of current assets

12

What does "2/10" mean, with respect to "credit terms of 2/10, n/30"?

A	A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date.

B	Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice.

C	A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date.

D	Interest of 10 percent will be charged if invoice is paid after two days.

13.

An invoice, with payment terms of 6/10, n/30, was issued on April 28 for $230.00. If the payment was made on May 12, the amount of payment will be ________. (Round your answer to the nearest cent.)

A

$230.00

B

$207.00

C

$216.20

D

$224.00