Question 18 e are the in cost of goods sold. thein the post-closingferent betweenand its gross profit rate?merchandisingentory system?17. Identify the distinguishing features of an income statement fordestination.merchandising company.entory by the18. Identify the sections of amultiple-step income statement thatuly 15 witho is receivedthe multiple-step form?20 What title does Apple use for gross profit? By how much did its 2010y on July 24unt periodgross profit change, and in what direction, when compared to 2018221 Indicate the columns of the worksheet in a perpetual system ine recordedwhich (a) inventory and (b) cost of goods sold will be shown.correct or*22. Identify the accounts that are added to or deducted fromPurchases in a periodic system to determine the cost of goods pur-chased. For each account, indicate whether it is added or deducted.g (1) cashne journal*23. On July 15, a company purchases on account goods costing $3,000with credit terms of 2/10, n/30. On July 18, the company receives aO. On July$200 credit memo from the supplier for damaged goods. Give the jour-y on Julyt period.nal entry on July 24 to record payment of the balance due within thediscount period, assuming a periodic inventory system.lollowing are the components in determining cost of goods sold. Determine theCost ofEndingInventoryCost of GoodsPurchasesGoods SoldAvailable for Sale$100,000$120,00025.000

Multi Step Income statement is one of the financial statements which shows all type of incomes and all types of expenses in multiple steps and at the end it shows net income or loss. Under operating activities section, components that will be included in multi step income statement are: Sales of goods and services Cost of goods sold Selling expenses Administrative Expenses Depreciation and Amortisation expenses Under non operating activities, components that will be included in multi step income statement are: Interest Expenses Interest Income Gain or loss on sale of fixed assets Extraordinary items Gain or loss on sale of investments