16. Read the information about Marvel Shoes. What was the cash balance for Marvel Shoes at the end of the current year? a. $ 10,000 b. $ 30,000 c. $ 40,000 d. $ 70,000 17. The following list contains several items that appear on an income statement. Other revenue and expenses Net Income Income before taxes NOU Operating revenues AUNT Income taxes Income from operations Operating expenses Select the choice that lists the items in the order they would appear on a multi-step income statement. a. 6, 1, 7, 4, 2, 3, 5 b. 7, 6, 1, 4, 2, 3, 5 c. 6, 4, 7, 1, 2, 3, 5 d. 6, 7, 4, 1, 2, 3, 5 18. Which of the following is an organization that lends funds to a business entity and expects repayment of the funds? a. A creditor b. A stockholder C. An owner d. A partner 19. Although businesses engage in a wide variety of activities, all of these activities can be categorized into three types. Which of the following choices best reflects these three types of business activities? a. Operating, financing, reporting b. Investing, reporting, financing c. Operating, financing, investing d. Investing, reporting, operating 20. Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2016: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 30,000 Income tax expense 25,000 How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2016, if this is the first year of operations? a. $ 45,000 Page 4 Name: Class: Date: Chapter 1 and 2 b. $ 35,000 c. $ 85,000 d. Not enough information is provided