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1. ABC Company had $32000 in net sales $15000 in cost of merchandise sold $16000 in operating expenses and $2000 in other income. What is ABC Companys gross profit? (Points : 2) A. $17000 B. $3000 C. $1000 D. ($1000) 2. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller the terms are (Points : 2) A. n/30. B. FOB shipping point. C. FOB destination. D. consigned. 3. Office salaries depreciation of office equipment and office supplies are examples of what type of expense? (Points : 2) A. Selling expense B. Miscellaneous expense C. Administrative expense D. Other expense4. Which of the following statements is incorrect? A. The number of S corporation shareholders is unlimited. B. S corporations must allocate income and expenses to their shareholders based on their proportionate ownership interest. C. S corporation losses can offset shareholder income from other sources. D. S corporation income is taxed to shareholders when earned.

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