On November 8, 2020, Bison Ltd. sold Asper Co. products for $10,000 on credit and the products had cost Bison $4,000. The expected return rate is 5%. On December 29, 2020, Asper returned products worth $400 to Bison and the returned products had a cost of $160 and are still in saleable condition. What is the balance of Estimated Inventory Returns as at December 29, 2020? $100 on credit $40 on credit $100 on debit $40 on debit During year 2021, AllStar Corporation's Total Assets increased $4,000, its Total Liabilities decreased $500, its Common Share increased $1,500, and its Dividends declared were $1,500. Net Income was: $4,500 $5,000 $3,500 $4,000 Which of the following statement is INCORRECT? The purpose of the statement of financial position is to show the financial position of a business at end of a period. The cash basis of accounting is what we use prepare statement of financial position. The accrual basis of accounting is what we use prepare statement of income. The primary objective of financial reporting is to provide information useful for making investment and lending decisions