1- Which of the following would usually be the greatest amount?

1.

The number of shares authorized.

2.

The number of shares issued

3.

The number of shares outstanding

4.

They must all be the same amount.

2- Beginning inventory of $40,000 plus purchases of $30,000 equals which of the following?

a.

Cost of goods available for sale of $10,000

b.

Cost of goods sold of $10,000

c.

Net income of $70,000

d.

Cost of goods available for sale of $70,000