Summarized below are the transactions recorded by Rummy Ltd. for calendar 2018, using a perpetual inventory system. Their Jan 1 opening balances were: accounts receivable $145,000, inventory $45,000, and accounts payable $122,000. 
(Record receipts from customers)InstructionsPrepare the 2018 income statement to the gross profit line only.
a. As it would appear using the perpetual inventory system.
b. As it would appear if a periodic inventory system had been used.
c. Calculate the gross profit margin for the year.
Definitions:
Gender-sensitive Therapy
A therapeutic approach that takes into account and respects the varied experiences of gender and addresses gender-related issues in treatment.
Therapeutic Relationship
The professional and collaborative relationship between a therapist and a client, which is foundational to the therapy process and outcomes.
Self-disclosure
The act of revealing personal, private information about oneself to others, which can build trust and intimacy in relationships.
Traditional Stereotypes
Widely held but fixed and oversimplified images or ideas of a particular type of person or thing.
Q3: Which of the following statements is false?<br>A)
Q4: E-mail was one of the earliest services
Q23: An account will have a credit balance
Q32: Sales Allowances and Sales Discounts<br>A) are both
Q37: When the cash account has a credit
Q44: An accountant has debited an asset account
Q58: During a period of inflation, using _
Q65: If a company fails to record estimated
Q66: The carrying amount of Accounts Receivable is
Q66: When purchasing land, the costs for clearing,