Question

only final answers no explaining

If credit terms are 2/10, 19. On May L Ace Bonding Company purchased inventory costing $2,000 on account n30 and Ace pays for this inventory on May 30 which of the following records the payme perpetual inventory system? 2.000 T 2,000 1,960 40 2,000 A Accounts Payable Cash B. Accounts Payable Inventory Cash C. Accounts Payable Inventory Cash D. Cash Accounts Payable 2.000 1,9601 2,000 2,000 20. A company has 10 units of inventory with a recorded cost of $60. If the net realizable value is S50 what adjustment is required using the principle of lower of cost and net realizable value of inventory? A. Debit Inventory $100; credit Cost of Goods Sold $100. B. Debit Inventory $500; credit Cost of Goods Sold $500. C. Debit Cost of Goods Sold $100; credit Inventory $100. D. Debit Cost of Goods Sold $500; credit Inventory $500. 21. Which of the following subsequent expenditures would not be capitalized? A. Ordinary repairs and maintenance. B. Additions. C. Improvements. D. Expenditures that increase the useful life or efficiency of the asset. 22. Losses on the sale of long-term assets for cash: A. Are the excess of the book value over the cash received. B. Are recorded as a credit. C. Are reported on a net-of-tax basis if material. D. Are the excess of the cash received over the book value. 23. Which of the following best describes the objective of depreciation? A. To allocate the cost of a long-term asset to an expense over its service life. B. To estimate the remaining useful life of an asset. C. To report the asset on the balance sheet at the estimated amount for which the asset could be sold. D. To estimate the current market value of the asset.

Answer 1

Since clear instructions are given to provide final answers, no explanations are provided.

19) Option A

20) Option C

21) Option A

22) Option A

23) Option A

24) Option D