19. Sales totaled $500,000, fixed expenses were $26,000, and variable expenses were 75% of sales. What is the net income before tax?* $401,000 $99,000 $118,500 $349,000 20. To ensure your balance sheet balances, you would check the following: Assets + Liabilities = Stockholders Equity.* True False 21. Operating, investing and financing are the common classification types of presented in the financial statements.* Cash Flow Liabilities Assets Expenses 22. For the year, depreciation has been accrued for a total of $20,000. It is determined at year-end that the depreciation expense is actually $18,000. The adjusting entry to correct the accrual would be:* DR Fixed Assets $2000 CR Depreciation Expense $2000 DR Paid in Capital $2000 CR depreciation Expense $2000 DR Accumulated Depreciation $2000 CR Depreciation Expense $2000 A correction is not needed 23. If using accrual accounting principles, all unpaid vendor invoices would be recorded:* When they are received When paid Quarterly None of the above