1. Total Net Sales shown on an income statement are $143,000. Cost of Goods Sold for the period is $53,000. Total Operating Expenses during the period were $51,000. Net income for the period is

Group of answer choices

$39,000.

$145,000.

$143,000.

$247,000.

2. Total Assets shown on a balance sheet are $122,000. If Total liabilities are $44,000, the owner's capital balance at the end of the period is

Group of answer choices

$78,000.

$94,000.

$122,000.

$166,000.

3. If N. Klein's beginning capital balance shown on a statement of owner's equity is $100,000. Net income for the period is $50,000. She withdrew $25,000 cash from the business and made no additional investments during the period. N. Klein's capital balance at the end of the period is

Group of answer choices

$175,000.

$150,000.

$125,000.

$100,000.

4. Allowance for Doubtful Accounts is

Group of answer choices

Subtracted from Accounts Receivable in the Assets section of the Balance Sheet.

deducted from Sales in the Revenue section of the Income Statement.

listed in the Operating Expenses section of the income statement.

listed in the Liabilities section of the Balance Sheet.

5. Which of the following is not a current asset?

Group of answer choices

Accounts Receivable

Prepaid Insurance

Merchandise Inventory

Equipment

6. Prepaid expenses appear in the

Group of answer choices

Operating Expenses section of the income statement.

Other Expenses section of the income statement.

Current Assets section of the balance sheet.

Current Liabilities section of the balance sheet.