On 2/25/2019, a company sells products for a customer for $200,000. The terms of the sale are "2/10, n/30" The customer pays the full amount on 3/1/2019. The company uses the GROSS method. Which of the following statements are true (select all that apply - i.e. just one or as many as all of them) On 2/25 accounts receivable increase On 2/25 tax expense is credited On 3/1 CASH is debited (continued from the previous question) Suppose now the company uses the NET method but the customer pays the full balance on 3/25. Which of the following statements re true? (select all that apply - i.e. only one or as many as all of them) The net method is not allowed by US-GAAP, only by IFRS The journal entries recorded on 3/25 have no impact on the current ratio The journal entries recorded on 3/25 increase the quick ratio The journal entries recorded on 3/25 increase net income The 2019 cash flow statement is the same as it was in the previous question Page 8 Previous Page Next Page