1. The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable $ 140,000 Prepaid Insurance 80,000 Salaries and Wages Payable 60.000 Accounts Receivable 110,000 Mortgage Payable 150.000 Inventory 140,000 Total Liabilities 350,000 Land Held for Investment 185,000 Land 250,000 Building $200,000 Less Accumulated Owner's Capital 750,000 Depreciation (50,000) 150,000 Trademark 140,000 Total Liabilities and Total Assets $1.100.000 Owner's Equity $1.100.000 What is the total dollar amount of liabilities classified as current? 2. Howard Company purchased merchandise inventory with an invoice price of $7.000 and credit terms of 2/10, n/30. What is the net cost of the goods if Howard Company pays within the discount period? 3. Maggio's Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10,n/30. Returned $1,500 of the shipment for credit Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, by how much did the company's inventory increase? .4. Company M sells $900 of merchandise on account to Company N with credit terms of 1/15, n/30. If Company N remits a check taking advantage of the discount offered, what is the amount of Company N's check? 5. A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? 6, Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash ........... 4,400 Accounts Receivable..... 4,400 b. Cash ...... 4,356 Sales Returns and Allowances..... 644 Accounts Receivable 5,000 c. Cash 4,356 Sales Returns and Allowances.... 600 Sales Discounts Accounts Receivable 5,000 d. Cash... 4,950 Sales Discounts..... Sales Returns and Allowances.. 600 Accounts Receivable 4,400