Use the following information from The Boeing Company's 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. RBOEING Accounts payable Accounts receivable Accumulated depreciation Cash Common stock Cost of sales Depreciation expense Dividends General and administrative expense Goodwill and other long-term assets Income tax expense Interest expense Inventories 15,553 12,309 19,342 9,485 1,806 72,559 1,271 4,628 1,642 17,802 623 784 76,622 Investment income Investments (over 1 year) Long-term debt Other current assets Other long-term liabilities Property, plant and equipment Research and development expense Retained earnings Sales revenue Short-term debt Short-term investments Unearned revenue Wages payable 1,129 1,092 19,962 3,268 13,527 31,844 1,445 1,018 76,559 7,340 545 51,551 22,868 a. 3. Calculate Boeing's Total Current Assets as of December 31, 2019. $103,321 million b. $102,229 million c. $98,961 million 7. a. Which of the following statements is TRUE? A perpetual inventory tracking system provides updated balances for Cost of Goods Sold throughout the accounting period. b. A multi-step income statement shows a subtotal for Gross Profit. When goods are sold FOB shipping point, the buyer pays for shipping costs. d. All of the above statements are true. None of the above statements are true. c. e. 8. 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. Gaze's journal entry to record the purchase should include a: a. Credit to Inventory for $490,000. b. Debit to Purchases for $500,000. Debit to Inventory for $500,000. d. Credit to Accounts Payable for $490,000. c. 9. 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? a. Inventory for $5,500. b. Accounts Receivable for $7,760. Cash for $7,760 and Inventory for $240. d. Accounts Receivable for $8.000. c. c. $98,961 million d. $25,607 million a. 4. Calculate Boeing's Total Current Liabilities as of December 31, 2019. $116,654 million b. $98,404 million $97,312 million d. $45,761 million c. a. 5. Calculate Boeing's Total Assets as of December 31, 2019. $133,625 million b. $151,875 million c. $152,967 million d. $172,309 million a. 6. Calculate Boeing's Net Income or Net Loss for the year ended December 31, 2019. Net Income of $50,915 million b. Net Loss of $5,264 million c. Net Income of $382 million d. Net Loss of $636 million 2