Question 21 (1 point) Liquidity ratios measure the entity's ability to survive over a long period True False Question 22 (1 point) A furniture factory's employees work overtime in February to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime salaries should be expensed in the period when the workers receive their cheques February March either February or March depending on when the pay period ends Question 23 (1 point) The supplies inventory account had a beginning balance of $150. During the current accounting period, there was a debit to the account of $600 and a credit to the account of $700. The ending balance was $50. How much was supplies expense for this accounting period? O $50 5600 $150 $700 Question 24 (1 point) Which of the following does not represent an essential characteristic of an asset? There is some economic benefit to the entity The benefits result from a past transaction or event The entity has control over the economic bencfit. They represent a duty or responsibility to the entity to trans Question 25 (1 point) A post closing trial balance may include the income Summary account Includes both temporary and permanent accounts includes permanent accounts only. includes temporary accounts only