Question 37 (2 points) If goods with a list price of $10,000 are purchased for a trade discount of 30% and 20%. In addition the customer gets a 2% discount if they pay within 20 days. The customer decides to pay in full in 15 days. They would pay $5488 to settle their account True False Question 38 (2 points) On May 1, a customer deposits a check from their customer that is dated May 3. By law, the bank cannot clear this check until on or after May 3. True False Question 39 (2 points) The president of the company receives a loan from the company he owns for $10,000. This would be treated as Trade Receivable on the company balance sheet. True False Question 40 (2 points) A Purchases Discount Lost Account is used with under the NET recording method AND would have a debit balance. True False Question 41 (2 points) Which of these statements reflects one of the purposes of the gross profit method of estimating inventory? It is a mechanism to compute the lower of cost or market measure for the balance sheet for companies in the retail industry. It is a method that can be used as a substitute for basic FIFO, LIFO, or weighted average methods for balance sheet purposes. It can be used by auditors to verify that the inventory number presented by the auditee makes sense. It can be used to compute the final inventory amount shown on the balance sheet for any company except those that use the Dollar Value Lifo Method