Use the following information from The Boeing Companys financial statements for the fiscal year ended December 31, 2019 to answer the next four questions Assume Wages payable will be paid within a year and Unearned revenue will be earned within a year Accounts are listed in alphabetical order All amounts are in millions of dollars PLEASE SHOW WORK Accounts payable 15,553 Investment income 1,129 Accounts receivable 12,309 Investments (over 1 year) 1,092 Accumulated depreciation 19,342 Long term debt 19,962 Cash 9,485 Other current assets 3,268 Common stock 1,806 Other long term liabilities 13,527 Cost of sales 72,559 Property, plant and equipment 31,844 Depreciation expense 1,271 Research and development expense 1,445 Dividends 4,628 Retained earnings 1,018 General and administrative expense 1,642 Sales revenue 76,559 Goodwill and other long term assets 17,802 Short term debt 7,340 Income tax expense 623 Short term investments 545 Interest expense 784 Unearned revenue 51,551 Inventories 76,622 Wages payable 22,868 Calculate Boeings Total Current Assets as of December 31, 2019 $103,321 million $102,229 million $98,961 million $25,607 million Calculate Boeings Total Current Liabilities as of December 31, 2019 $116,654 million $98,404 million $97,312 million $45,761 million Calculate Boeings Total Assets as of December 31, 2019 $133,625 million $151,875 million $152,967 million $172,309 million Calculate Boeings Net Income or Net Loss for the year ended December 31, 2019 Net Income of $50,915 million Net Loss of $5,264 million Net Income of $382 million Net Loss of $636 million Which of the following statements is TRUE A perpetual inventory tracking system provides updated balances for Cost of Goods Sold throughout the accounting period A multi step income statement shows a subtotal for Gross Profit When goods are sold FOB shipping point, the buyer pays for shipping costs All of the above statements are true None of the above statements are true Gaze Company uses periodic inventory system On January 27, 2021, the company purchased light fixtures for $500,000 on account, terms 2 10, n 30 Gazes journal entry to record the purchase should include a Credit to Inventory for $490,000 Debit to Purchases for $500,000 Debit to Inventory for $500,000 Credit to Accounts Payable for $490,000 On February 1, 2021, Venti Corporation sold merchandise to a customer for $8,000 on credit, FOB destination, cost of the merchandise sold was $5,500, terms 3 10, n 30 Venti uses perpetual inventory system What account(s) should Venti Corporation debit on February 1 Inventory for $5,500 Accounts Receivable for $7,760 Cash for $7,760 and Inventory for $240 Accounts Receivable for $8,000

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Use the following information from The Boeing Companys financial statements for the fiscal year ended December 31, 2019 to answer the next four questions. Assume

Use the following information from The Boeing Companys financial statements for the fiscal year ended December 31, 2019 to answer the next four questions. Assume Wages payable will be paid within a year and Unearned revenue will be earned within a year. Accounts are listed in alphabetical order. All amounts are in millions of dollars. !! PLEASE SHOW WORK !!!


Accounts payable	15,553	Investment income	1,129
Accounts receivable	12,309	Investments (over 1 year)	1,092
Accumulated depreciation	19,342	Long-term debt	19,962
Cash	9,485	Other current assets	3,268
Common stock	1,806	Other long-term liabilities	13,527
Cost of sales	72,559	Property, plant and equipment	31,844
Depreciation expense	1,271	Research and development expense	1,445
Dividends	4,628	Retained earnings	1,018
General and administrative expense	1,642	Sales revenue	76,559
Goodwill and other long-term assets	17,802	Short-term debt	7,340
Income tax expense	623	Short-term investments	545
Interest expense	784	Unearned revenue	51,551
Inventories	76,622	Wages payable	22,868

Calculate Boeings Total Current Assets as of December 31, 2019.
1. $103,321 million
2. $102,229 million
3. $98,961 million
4. $25,607 million

Calculate Boeings Total Current Liabilities as of December 31, 2019.
1. $116,654 million
2. $98,404 million
3. $97,312 million
4. $45,761 million

Calculate Boeings Total Assets as of December 31, 2019.
1. $133,625 million
2. $151,875 million
3. $152,967 million
4. $172,309 million

Calculate Boeings Net Income or Net Loss for the year ended December 31, 2019.
1. Net Income of $50,915 million
2. Net Loss of $5,264 million
3. Net Income of $382 million
4. Net Loss of $636 million

Which of the following statements is TRUE?
1. A perpetual inventory tracking system provides updated balances for Cost of Goods Sold throughout the accounting period.
2. A multi-step income statement shows a subtotal for Gross Profit.
3. When goods are sold FOB shipping point, the buyer pays for shipping costs.
4. All of the above statements are true.
5. None of the above statements are true.

Gaze Company uses periodic inventory system. On January 27, 2021, the company purchased light fixtures for $500,000 on account, terms 2/10, n/30. Gazes journal entry to record the purchase should include a:
1. Credit to Inventory for $490,000.
2. Debit to Purchases for $500,000.
3. Debit to Inventory for $500,000.
4. Credit to Accounts Payable for $490,000.

On February 1, 2021, Venti Corporation sold merchandise to a customer for $8,000 on credit, FOB destination, cost of the merchandise sold was $5,500, terms 3/10, n/30. Venti uses perpetual inventory system. What account(s) should Venti Corporation debit on February 1?
1. Inventory for $5,500.
2. Accounts Receivable for $7,760.
3. Cash for $7,760 and Inventory for $240.
4. Accounts Receivable for $8,000.