28) Performing services on account: A) decreases both assets and liabilities. B) decreases revenues and decreases stockholders' equity. C) increases both net income and stockholders' equity. D) increases assets and decreases stockholders' equity. 29) In 2019, Forever Young Inc. sold land for $130,000 cash, purchased equipment for $20,000 cash and issued D) $210,000 bonds for $100,000 cash. The Net cash provided by investing activities is: C) $150,000 A) $230,000 B) $110,000 30) On July 1, Corrao Company purchased $1600 of inventory on account with credit terms of 4/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5? A) debit Accounts Payable for $1600, credit Inventory for $64 and credit Cash for $1536 B) debit Accounts Payable for $1536 and credit Cash for $1536 C) debit Accounts Receivable for $1600 and credit Cash for $1600 D) debit Purchase Discount for $64, debit Accounts Payable for $1472 and credit Cash for $1536 31) On January 1, of the current year, Roadway Delivery Company purchased a truck for $60,000. Depreciation Expense is $3000 per year. During the first year of use, the company paid $3000 to repaint the truck and $1200 for new tires. What is the total expense for the year ended December 31, end of current year? C) $6000 D) $3000 B) $4200 A) $7200 32) If the market interest rate is greater than the stated interest rate on bonds, the bonds will sell: B) at the stated interest rate. A) at a discount. C) at face value. D) at a premium 33) If Abby, Inc. sells items to a customer who uses a credit card for $1800, and there is a credit card fee of 1.5%, Abby will record a(n): (Round your final answer to the nearest dollar.) A) debit to Sales Expense for $27. B) debit to Accounts Receivable for $1773. D) credit to Sales Revenue for $1773. C) debit to Credit Card Discount Expense for $27. 34) The records of Milwaukee Sprinkler Systems report net sales of $520,000, net income of $130,000 and average total assets of $360,000. Using DuPont analysis, calculate the two ratios used for return on assets. (Round your final answer to two decimal places.) A) Net profit margin ratio is 25%; Total asset turnover is 1.44. B) Net profit margin ratio is 2.77; Total asset turnover is 25%. C) Net profit margin ratio is 2.50; Total asset turnover is 36%. D) Net profit margin ratio is 36%; Total asset turnover is 4.00. 35) For retailers, a way to speed up cash collections is: A) to accept debit and credit card sales. C) to not offer a sales discount. B) to lengthen credit cycles. D) getting cash quickly is not important