Solve MCQS no explanation please:

In March of 2007, Matrix Company's inventory was destroyed by fire. Matrix normal gross profit ratio is 30% of net sales. At the time of the fire, Matrix showed the following balances: By using gross profit method what is the amount of Net sale:

1 point

20500

32500

31500

30,000

Represents the portion of an asset's cost that has already been allocated to expense:

1 point

Deferred Expense

Cost of the asset

Accumulated Depreciation

Depreciation

On January 1 john buy a new truck. John pays $160000 for the truck. The estimated residual value is $0 and useful life of 8 years. Calculate Depreciation Expense by straight line method:

1 point

24000

32000

16000

20000

Goods owned and held for sale to customers known as:

1 point

Cost of Goods sold

Sale

Inventory

Gross profit

The calculation of depreciation using the declining-balance method

1 point

yields an increasing depreciation expense each period.

multiplies a declining percentage times a constant book value.

multiplies a constant percentage times the previous year's depreciation expense.

ignores salvage value in determining the amount to which a constant rate is applied.

Any material expenditure that will benefit several accounting periods for future.

1 point

Deferred Expense

Capital Expenditure

Revenue Expenditure

Long Term Expense