1. At December 31, Pitt Inc. has assets of $12,900 and liabilities of $6,300. What is the stockholders' equity for Pitt at December 31?

a. $6,600

b. $6,300

c. $18,100

d. $19,200

Use the following information for Multiple-Choice Questions 1-7 and 1-8:

At December 31, Marker reported the following items: cash, $7,500; inventory, $3,900; accounts payable, $5,900; accounts receivable, $3,100; common stock, $6,000; property, plant, and equipment, $10,500; interest payable, $1,600; retained earnings, $11,500.

2. Refer to the information for Marker above. What is the total of Marker's current assets?

a. $12,100

b. $13,700

c. $14,500

d. $25,000

3. Refer to the information for Marker above. What is Marker's stockholders' equity?

a. $7,500

b. $17,500

c. $19,100

d. $25,000

4. For the most recent year, Grant Company reported revenues of $182,300, cost of goods sold of $108,800, inventory of $8,500, salaries expense of $48,600, rent expense of $12,000, and cash of $12,300. What was Grant's net income?

a. $9,400

b. $12,900

c. $21,400

d. $24,900