Match the term from Column 2 with its definition in Column 1. Write only the correct letter A business's report card A. Balance sheet 1. B. Cost of goods sold Gross profit less expenses 2. C. Gross loss 3. Income from sales less any returns or allowances D. Gross profit Expenses less gross profit 4. E. Income statement F. Net loss 5. The amount a business pays for the mer- chandise it sells G. Net profit 6. Utilities, employee wages, taxes, and other expenses incurred by the business H. Net sales I. Operating expenses 7. Net sales less cost of goods sold Find the missing information. Show all of your work 8. Beginning inventory: $14,320 $7,880 Merchandise Purchases: ? (8) Goods available for sale: $11,250 9. Ending inventory: Cost of goods sold: ? (9) $50,000 $4,680 (10) 10. Sales: Returns: Net Sales: Cost of goods sold: Gross profit: $22,950 11. (11) $132,600 $5,280 (12) $62,900 ? (13) 12. Sales: Returns and allowances: Net sales: 13 Cost of goods sold: Gross profit: Expenses: Net profit or loss: Label as profit or loss: 14.. $41,820 ? (14) ? (14)