Consider the Following Short Case as You Respond to the Next

question 21

Multiple Choice

Consider the following short case as you respond to the next question: VLC Corporation sold merchandise with a cost of $200 on account for $300 to PRT Corporation; credit terms were 2 / 10, n / 30. VLC paid the outgoing freight charge of $10. PRT paid the invoice within the discount period.Inclusive of all the transactions that affect the income statement, VLC's gross profit on the sale was:

• A)$100
• B)$90
• C)$94
• D)$84

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Definitions:

Cultural Variations

Differences in practices, beliefs, and values among various ethnic, religious, and social groups.

Pediatric Bulb Suction

A device used to gently remove mucus or foreign materials from the nasal passages of infants and young children.

Nasal Passages

The channels through which air passes from the nostrils to the nasopharynx in the respiratory system.

Left-sided Heart Failure

A condition where the left side of the heart cannot pump blood efficiently, leading to a build-up of fluid in the lungs and reduced oxygen supply to the body.