1. The following information was taken from the records of Tellers Corporation for the month ended December 31, 2017:

Advertising expense $20,625 Income tax expense 13,095 Accounts payable 13,450 Dividends paid 14,125 Retained earnings (12/1/17) 57,860 Consulting fees revenue 93,550 Rent expense 11,728 Supplies expense 16,917 Given the above information, net income is

a.$31,185 b.$45,110 c.$11,385 d.$35,310

2. Marjorie Companys trial balance of income statement accounts for the year ended December 31, 2014 included the following:

Debit

Credit

Sales

1,500,000

Cost of sales

600,000

Administrative expense

150,000

Loss on sale of equipment

90,000

Sales salaries and commissions

100,000

Interest revenue

50,000

Freight out

30,000

Loss on retirement of bonds

100,000

Bad debt expense

30,000

--

1,100,000

1,550,000

Decrease in finished goods inventory during the year is P100,000, while the tax rate is 30%. What was Marjorie

c. 385,000

d. 315,000

a. 550,000

b. 450,000

3. The following information was taken from the records of Tellers Corporation for the month ended December 31, 2017:

Advertising expense $20,625 Income tax expense 13,095 Accounts payable 13,450 Dividends paid 14,125 Retained earnings (12/1/17) 57,860 Consulting fees revenue 93,550 Rent expense 11,728 Supplies expense 16,917 Given the above information, net income is

a.$31,185 b.$45,110 c.$11,385 d.$35,310