1: A company's balance sheet shows: cash $23,000, accounts receivable $10,000, office equipment $59,000, and accounts payable $12,000. What is the amount of equity?

2:On August 31, Brandon Company had an Accounts Receivable balance of $22,000. During the month of September, total credits to Accounts Receivable were $52,000 from customer payments. The Accounts Receivable balance was $11,000 on September 30 . What was the amount of credit sales during September?

3: On December 31 the balance in the Prepaid Insurance account was $4,000, which is the remaining balance of a twelve-month policy purchased on October 31 in the current year. How much did this policy originally cost?

4: On January 1, Able Company purchased equipment costing $141,600 with an estimated salvage value of $11,600, and an estimated useful life of 5 years. Using the straight-line method, what is the amount that should be recorded as depreciation on December 31?

5: ABC Co. leased a portion of its store to another company for eight months beginning on October 1, 2014 at a monthly rate of $1,000. This other company paid the entire $8,000 cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made by ABC Co. at year- end on December 31, 2014 would include:

6: A company has net sales of $1,912,000, sales commissions of $202,000, net income of $374,400, and the gross profit ratio of 60%. What is the amount of cost of goods sold?

7: On March 1, Michele Company sold merchandise in the amount of $4,900 to Wyne, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Michele uses the perpetual inventory system. On March 4, Wyne returns some of the merchandise. The selling price of the merchandise is $490 and the cost of the merchandise returned is $400.The entry or entries that Michele must make on March 4 is:

8: On July 22, a company purchased merchandise inventory at a cost of $6,050 with credit terms 2/10, net 60. If the company borrows money at 11% to pay for the purchase on the last day of the discount period and pays the loan off on the last day of the credit period, what would be the net savings for the company? (Assume a 360-day year. Do not round your intermediate calculations.)

9:On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $3,500 Net sales: $35,000 Net purchases: $43,000 The company's gross margin ratio is 25%. Using the gross profit method, the cost of goods sold would be:

10: A company has inventory of 14 units at a cost of $20 each on June 1. On June 3, they purchased 33 units at $15 each. 30 units are sold on June 5. Using the FIFO periodic inventory method, what is the cost of the 30 units that were sold?