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25. Failure to record amortization on a patent during the urrent year A) would cause net income to be overstated for the year but would have no effect on total assets. B) would cause both net income for the year and total assets to be overstated. C) would cause total assets to be overstated but would have no effect on net income for the year. D) is allowed uider Generally Accepted Accounting Principles. B) None of the above is correct. 2b. Assuming the allowance method for bad debts is used, when a customer's uncollectible account is written off, a credit should be made to A) Bad debt expense. B) Allowance for doubtful accounts.. C) Sales revenue. D) Accounts receivable. B) Retained earnings. 27 Which of the following statements is true? ' A) Accumulated depreciation is the amount of depreciation on the income statement for the current year. B) Current liabilities are debts expected to be paid out of current assets within the next year. C) Current assets are resources of a company that might include cash and copyrights. D) Prperty, plant, and equipment are classified as intangible assets on the balance sheet. E) None of the above is correct 8. A company reports its 20B cost of goods sold at $20.0 billion. Its ending inventory for 20B is S1.8 billion and for 20A, ending inventory was $1.5 billion. How much inventory did the company purchase during 20B? A) $20.3 billion B) $19.7 billion C) $21.8 billion D) $18.5 billion E) None of the above