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19. The 2018 records of Thompson Company showed beginning inventory of $4,000, cost of goods...

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19. The 2018 records of Thompson Company showed beginning inventory of $4,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 2018 was: A. $18,000 B. $22,000 C. $26,000 D. $44,000 20. On November 1, 2018 Alpha Company sells services to Post Company and receives a 6 month, 6% (annual rate) note from Post Company for $60,000. Post pays the note with all interest on April 30, 2019. What is the amount paid by Post on April 30, 2019? B. $61,800 C. $63,600 D. A. $60,000 $61,200 21. In regard to the accrual basis which of the following are true? I. Revenue is only recorded if cash is received II. Expenses are only recorded when paid. III. Revenue is recorded when earned. IV. Expenses are recorded when incurred. A. None are true. B. I and II are true. C. III and IV are true. D. All of the above are true. 22. Beginning Inventory = $10,000 Purchases = $20,000 Goods Available for Sale = ? Ending Inventory = $5,000 Cost of Goods Sold = ? 23. Current Liabilities are $20,000. Current Assets are $40,000. the current ratio

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