1-3 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.
1-7 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
1-8 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
1-10 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