QUESTION 19 Assume Cruise paid its invoice on March 9. How does Cruise record its payment on March 9 if it uses the periodic inventory system and net method for recording purchase discounts? AP 10,000 Cash 10.000 AP. ..7,350 Discounts Forfeited...... 150 Cash 7,500 . Cash .7.500 7,500 CAMP. Inventory Cash. .7,350 150 7,500 Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Air QUESTION 20 Use the Information below for the following two questions: Rivers Inc. reported taxable income $85,000 and total ending assets of $500,000 for 2019. Rivers later determined that purchases were understated by $25,000 in 2019 and Inventory was understated by $10,000 at the end of 2019. What are the corrected amounts for taxable income and total assets for 20197 Not Income Total Assets (i) $100,000 $490,000 i $70,000 $510,000 (i) $100,000 $510,000 (iv) $120,000 $490,000 CO () (IV) Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Air QUESTION 21 Assume that the errors in 2010 were not corrected and no additional error occurred in 2020. What is the effect of the 2019 errors on cost of goods sold (COGS) for 2020, net income for 2020, and retained camings for 20207 COGS Net Income Retained Eamings Understatement Overstatement Overstatement (i) Understatement Overstatement No effect (i) Overstatement Understatement Understatement (iv) Overstatement Understatement No effect 0 0 (0 (iii) (iv) QUESTION 22 Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Air