O $10,000 QUESTION 9 When using a perpetual inventory system, which of the following events is an asset use transaction? O Paid cash for transportation-in costs. O Paid cash for transportation-out costs. Purchased inventory on account Paid cash to purchase inventory. Click Save and Submit to save and submit. Click Save All Ansusers to save all answers QUESTION 10 The following are the income statements for Ace and Diamond Companies. Ace Diamond Revenue $ 70,000 $ 76,000 Cost of goods sold 49,000 49,000 Gross margin 21,000 30,400 Operating expenses 9,500 12,500 Net income $ 11 500 17.900 What are the net income percentages for the above companies? 1.83% 1.70% 30%, 40% 16.4% 23.6% 6.09% 4.25% Click Save and Submit to save and submit. Click Save All Ansurers to save all answers QUESTION 11 How will accounts receivable appear on the following financial statements? O Asset on the balance sheet O Expense on the income statement O Revenue on the income statement O Liability on the balance sheet QUESTION 12 Which of the following financial statement elements is closed at the end of an accounting cycle? O Liabilities Common stock Assets Dividends Click Save and Submit to save and submit. Click Sand Answers to save all answers