Short Answer Questions 152.Identify and explain the key components of a merchandiser's net income. 153.Describe the difference between wholesalers and retailers. 154.Describe the key...

Short Answer Questions

152.Identify and explain the key components of a merchandiser's net income.

153.Describe the difference between wholesalers and retailers.

154.Describe the key attributes of inventory for a merchandising company.

155.What are the steps of the operating cycle for a merchandiser with credit sales?

156.Describe the difference between the periodic and perpetual inventory accounting systems.