ai 32 33 -- 34 35 36 Question 24 (4 points) Ordinary repairs and maintenance of a long-term tangible asset is: Recorded as a liability on the Balance Sheet Recorded as a revenue on the Income Statement OO O 37 38 39 40 41 42 Recorded as an expense on the Income Statement. Recorded as an asset on the Balance Sheet I 31 32 33 34 35 36 Question 26 (4 points) A multi-step income statement, used by a merchandise company, includes all of the following except: 37 38 39 cost of goods sold. 40 45 42 merchandise inventory net sales revenue. 44 45 operating expenses 46 47 48 gross profit. Time Limit: 1:30:00 Time Left:Time Exceeded Eustace Adiemelt Attempt 1 31 32 33 24 35 36 37 38 39 Question 22 (4 points) The Fitzgerald Co. is a merchandise company that purchases already made goods to resale to its customers. On January 4th, the Fitzgerald company purchased $80,000 of inventory, on account. Discount terms 2/10, net 60 and the freight agreement specifies FOB destination The following transactions occurred specific to the inventory purchase. On Jan. 10, the Fitzgerald Co. returned $5,000 of inventory that was damaged. On Jan. 12, the Fitzgerald Co paid the balance due for the inventory purchased on 40 41 42 Jan, 4th e 44 45 Based on this information, the journal entry prepared by the Fitzgerald Co. on January 12th, would include: -- 3B 39 Question 37 (4 points) On October 1, 2020, the Petty Co. loaned $20,000 to the American Girl Co. The loan is a one-year note with an interest rate of 10%. All payments for principal and interest will be received by the Petty Co. on September 30, 2021. What is the maturity value of the note? 41 42 3 44 45 . 1) $20,000 16 47 48 2) $21.500. 1 49 50 51 3) $22,000 4) $22,500. 52