hi it would be helpful id the answers are numbered so i know which is which thanks

19) Which of the following statements regarding intangible assets is incorrect? A) Intangible assets have no physical form. B) Intangible assets are valuable because of the special rights they carry. C) Intangible assets are not reported on the balance sheet D) Intangible assets include the exclusive right to produce or sell an invention. 20) An account that is NOT closed at the end of the period is called a(n) A) expense account B) temporary account C) permanent account D) revenue account 21) The entries that transfer the revenue, expense, and Owner, Withdrawals balances to the Owner, Capital account to prepare the company's books for the next period are called entries. A) closing B) opening C) adjusting D) end of period account before their final 22) Revenues and expenses may be transferred to the transfer into the owner, Capital account. A) Net Income B) Income Summary C) Owner, Withdrawals D) Assets 23) Which of the following entries is necessary to close the appropriate depreciation account at the end of the year? A) debit Accumulated Depreciation and credit Income Summary B) debit Depreciation Expense and credit Income Summary C) debit Income Summary and credit Accumulated Depreciation D) debit Income Summary and credit Depreciation Expense 24) Which of the following account's balance is carried forward to the next accounting period? A) Accumulated Depreciation B) Depreciation Expense C) Owner, Withdrawals D) Service Revenue 25) Which of the following is a permanent account? A) Wages Expense B) Salaries Payable C) Service Revenue D) Utilities Expense 29) Which of the following are temporary accounts that are closed at the end of the year? A) assets, liabilities, and Owner, Withdrawals B) revenues, expenses, and Owner, Withdrawals C) assets, liabilities, and owner's equity D) revenues, expenses, and owner's equity 30) To which of the following accounts should the balance in the Income Summary account be closed? A) Owner, Withdrawals B) Net Income C) Owner, Capital D) Service Revenue 31) Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system? A) a debit to Purchases and a credit to Accounts Payable B) a debit to Accounts Payable and a credit to Purchases C) a debit to Merchandise Inventory and a credit to Accounts Payable D) a debit to Accounts Payable and a credit to Merchandise Inventory 32) When a company uses the perpetual inventory system, A) purchases of Office Supplies and Equipment that will be used in the day-to-day operations of the business are recorded as debits to Merchandise Inventory. B) the purchase of merchandise inventory on account is recorded as a debit to Accou Payable and a credit to Merchandise Inventory. C) the Merchandise Inventory account is reported as an expense on the income statement. D) the Merchandise Inventory account is debited for purchases of goods that the company intends to resell to customers. 33) What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? A) A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. B) Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. C) A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. D) Interest of 10 percent will be charged if invoice is paid after two days. 34) A company that uses the perpetual inventory system purchases inventory for $62,000 on account with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $62,000, a credit to Cash for $1,240, and a credit to Merchandise Inventory for $60,760 B) a debit to Accounts Payable for $62,000, a credit to Merchandise Inventory for $1,246 and a credit to Cash for $60,760 C) a debit to Merchandise Inventory for $1,240, a debit to Accounts Payable for $62,000 and a credit to Cash for $63,240 D) a debit to Accounts Payable for $60,760, a debit to Merchandise Inventory for $1,240 and a credit to Cash for $62,000 35) A company that uses the perpetual inventory system purchased inventory for $970,000 on account with terms of 3/7, n/20. Which of the following correctly records th payment made 15 days after the date of invoice? 970,000 Cash Accounts Payable 970,000 970,000 Accounts Payable Merchandise Inventory 970,000 970,000 Accounts Payable Cash 970,000 970,000 D) Accounts Payable Merchandise Inventory Cash 29,100 940,900 36) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) specific identification B) weighted average C) last-in, first-out D) first in first-out A 37) Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases! pecific identification B) weighted average astin, fist-out D) first in first-out C Use the following information to solve problems 38 and 39 38) A company purchased 200 units for $30 cach on January 31. It purchased 220 units for 533 cachon February 28. It sold a total of 350 units for S45 cach from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first in first out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system) A 52.110 B) S100 C) $2.100 D) S1,800 39) What is the cost of goods sold on December 31 if the company uses FIFO inventory costi method A) SIS.750 B) S10.950 C) 56,000 D) None of the above. 40) A company that uses the perpetual inventory system sold goods to a customer on count S2300 Credit Terms is 2/10, 130. The cost of the goods sold was $1,150. Which of the following journal entries correctly records this transaction? 2.300 Kost of Goods Sold Sales Revenue 2.300 Merchandise Inventory Cost of Goods Sold PA100 2100 Accounts Receivable 2.300 2300 Cost of Chods Sold Merchandise Invey 1.IS 1 .150 2054 Accounts Receivable Sales Revenue Kost of Goods Sold Merchandise Inventory 1.150 1.150 Cost of Goods Sold 2300 2.300 2.300 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 1,150 1.150 2.254 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 1,150 Questions 41 and 42 are based on the following data: 185.00 Beginning Merchandise Inventory Purchase Retums and Allowances Purchase Discounts Freight in Ending Merchandise Inventory Net Sales Revue 18.000 10000 95000 41) Calculate the cost of goods sold for a merchandiser using the periodic inventory system A) $540,000 B) $529,000 C) $7000 D) 29,000 42) Calculate Cross Profit A) $421.000 B) 5520.000 C) $410,000 D) None of the above. 36) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) specific identification B) weighted average C) last-in, first-out D) first in first-out A 37) Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases! pecific identification B) weighted average astin, fist-out D) first in first-out C Use the following information to solve problems 38 and 39 38) A company purchased 200 units for $30 cach on January 31. It purchased 220 units for 533 cachon February 28. It sold a total of 350 units for S45 cach from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first in first out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system) A 52.110 B) S100 C) $2.100 D) S1,800 39) What is the cost of goods sold on December 31 if the company uses FIFO inventory costi method A) SIS.750 B) S10.950 C) 56,000 D) None of the above. 40) A company that uses the perpetual inventory system sold goods to a customer on count S2300 Credit Terms is 2/10, 130. The cost of the goods sold was $1,150. Which of the following journal entries correctly records this transaction? 2.300 Kost of Goods Sold Sales Revenue 2.300 Merchandise Inventory Cost of Goods Sold PA100 2100 Accounts Receivable 2.300 2300 Cost of Chods Sold Merchandise Invey 1.IS 1 .150 2054 Accounts Receivable Sales Revenue Kost of Goods Sold Merchandise Inventory 1.150 1.150 Cost of Goods Sold 2300 2.300 2.300 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 1,150 1.150 2.254 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 1,150 Questions 41 and 42 are based on the following data: 185.00 Beginning Merchandise Inventory Purchase Retums and Allowances Purchase Discounts Freight in Ending Merchandise Inventory Net Sales Revue 18.000 10000 95000 41) Calculate the cost of goods sold for a merchandiser using the periodic inventory system A) $540,000 B) $529,000 C) $7000 D) 29,000 42) Calculate Cross Profit A) $421.000 B) 5520.000 C) $410,000 D) None of the above