please answer number 6 and below

Accounting Practice Discussion Questions 1. What accounts appear on the financial statements of a merchandiser that do not appear on those of a service-oriented company? 2. What are some reasons why a merchandiser might prefer to use a perpetual inventory sys- tem over a periodic inventory system? 3. Why do businesses use subsidiary ledgers? 4. What do the terms "2/10, n/30" mean? If you were consulting for a company that bought goods under these terms, what would you advise it to do with respect to pay- ment? Why? 5. How many accounts are involved in recording the sale of merchandise on credit? 6. What kind of account is Estimated Refund Liability? Where would it appear on the finan- cial statements? 7. What is a credit memorandum? Give an example of the type of transaction in which it would be used. 8. What does the term "free on board" mean? Why is this an important term to understand if you are involved in making decisions about purchasing inventory or setting prices for your products? 9. What is the difference between a single-step and multistep income statement? For what type of business is a multistep income statement most appropriate? 10. What situation might explain why a company's gross profit percentage went down from 60 percent to 40 percent from one year to the next