13) The comparative balance sheet for Silvertlight Co. is shown below. Express the balance sheet in common- percentages 74 assets 76 130 eanings 14) Express the following income statement information in common-size percentages and in trend percentages using 2016 as the base year ng Principles1 Extra Credit Instructor: Terri Gardner 1. On March 1, a business paid $3,600 for a twerive month liability insurance policy. On April 1 the same busines entered into a two year rental contract for equipment at a total cost of $18,000. Determine the following amounts: (a) insurance expense for the month of March (b) prepaid insurance as of March 31 (c) equipment rent expense for the month of Apr prepad equipment rental as of Aprl 30 Answer 2On January 1st, Great Designs Company had a debit balance of $1,450 in the Office Supplies account. During the month, Great Designs purchased $115 and $160 of office supplies and journalized them to the Office Supplies asset account upon purchasing. On January 31st, an inspection of the office supplies cabinet shows that only $350 of Office Supplies remains in the locker. Prepare the January 31st adjusting entry for Office Supplies Answer upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 Merchandise Inventory August 31 $75,560 Purchases Purchases Returns& Allowances Purchases Discounts Freight In 96,330 373,880 14,760 10,900 4,135 Answer: 4. Determine the amount to be paid in full settlement was received prior to payment and that all invoices were paid within the discount perlod. Using T helpful. of each invoice, assuming that credit for returns and allowances Merchandise Freight Freight Terms Returns and 200 180 FOB Shipping $1,200 Point, 1/10, net FOB 50