QUESTION 25 USE THE FOLLOWING INFORMATION FOR THE NEXT SIX QUESTIONS: (QUESTION 1 of 6) Selected Balance Sheet account balances are: Selected Income Statement & other items for the year 2019 are: ACCOUNT Cash Accounts Payable Accounts Receivable Salaries Payable Land Merchandise Inventory Prepaid Rent Income Taxes Payable FRAC COMPANY Dec 31 Dec 31 2019 2018 $20,000 $10,000 30,000 40.000 160,000 110,000 7,000 1,000 50,000 80,000 70,000 90,000 18,000 30,000 1,000 2,000 ACCOUNT Sales Cost of Goods Sold Salary Expense Loss on Sale of Land Cash Dividends declared and paid Depreciation Expense Rent Expense Income Taxes Expense 2019 940,000 500,000 200,000 30,000 80,000 60,000 70,000 40,000 Cash collections from customers during 2019 amounted to: O A $890,000 OBS780,000 oc $940,000 OD. 5990,000 E none of the above. QUESTION 26 USE THE FOLLOWING INFORMATION FOR THE NEXT SIX QUESTIONS: (QUESTION 2 of 6) Selected Balance Sheet account balances are: Selected Income Statement & other items for the year 2019 are: ACCOUNT Cash Accounts Payable Accounts Receivable Salaries Payable Land Merchandise Inventory Prepaid Rent Income Taxes Payable FRAC COMPANY Dec 31 Dec 31 2019 2018 $20,000 $10,000 30,000 40,000 160,000 110,000 7,000 1,000 50,000 80,000 70,000 90,000 18,000 30,000 1,000 2,000 ACCOUNT Sales Cost of Goods Sold Salary Expense Loss on Sale of Land Cash Dividends declared and paid Depreciation Expense Rent Expense Income Taxes Expense 2019 940,000 500,000 200,000 30,000 80,000 60,000 70,000 40,000 Cash payments to suppliers for merchandise inventory during 2019 amounted to: AS 510.000 OBS 530,000 oc S 470,000 OD none of the above. ES 490,000