1) The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salaries and Wages Expense $3,000 Rent Expense 1,300 Advertising Expense 700 Supplies Expense 200 Insurance Expense 100 Total expenses Net income Drwaings for the year were $500 2.300 $20.00 The balance in Income Summary before closing it is a. $2,000 credit balance b. $2.000 debit balance c. $1,500 credit balance d) $1,500 debit balance 2) The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salries and Wages Expense $3,000 Rent Expense 1,300 Advertising Expense Supplies Expense 200 Insurance Expense Total expenses 5,300 Net income 700 100 At June 1, 2020, Snap Shot reported owner's equity of $36,000. The company had no owner drawings during June. At June 30, 2020, how much is owner's equity? 3) A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period. 4) The following information is for Central Avenue Real Estate: Central Avenue Real Estate Balance Sheet December 31, 2020 Cash $ 25,000 Accounts Payable $ 60,000 Prepaid Insurance 40,000 Salaries and Wages Payable 25,000 Accounts Receivable 50,000 Mortgage Payable 85.000 Inventory 80,000 Total Liabilities 170,000 Land Held for Investment 75,000 Land 120,000 Building $110,000 Less Accumulated Owner's Capital 380.000 Depreciation (20.000) 90,000 Trademark 70.0.0.0 Total Liabilities and Total Assets $550.000 Owner's Equity $550.000 What is the total amount of current assets