1. The following information is available for Entity B for the year ended December 31, 2023. What is gross profit? Sales $ 95,000 Sales Returns and Allowances 4,600 Sales Discounts 3,200 Cost of Goods Sold 52,000 Selling and Administrative Expense 7,000 Income Tax Expense 3,100 Interest Expense 1,000 Interest Revenue 450

- $24,550

- $35,200

- $28,200

- ($550)

Which of the following statements about a trial balance is correct?

- a trial balance won't balance if a transaction was omitted (not posted at all)

- a trial balance proves that the ledger is correct.

- despite its limitations, a trial balance is a useful screen for finding errors and is frequently used in practice.

- a trial balance proves that all transactions have been recorded.