1. Hoffman's trial balance at March 31 (before adjustments) shows a normal balance in the Supplies account of $1,300. A physical count of supplies shows they have $520 worth on hand. What amount of Supplies Expense should Hoffman report on their March income statement?

2. La More Company had the following transactions during 2015:

• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2016
• Paid $1,375 cash in salaries for 2015
• Bought $500 in equipment in 2015
• Purchased airline tickets for $250 in December for a trip to take place in 2016

What is La More's Net Income in 2015?

3. At the end of the current year, the owners' equity in Barclay Bakery is $246,000. During the year the assets of the business had increased by $120,000, and the liabilities had increased by $72,000. Owners' equity at the beginning of the year must have been:

4. Sutton Supplies reports net revenue of $3,750,000, net income of $375,000, and gross profit of $900,000. The company's cost of goods sold is: