18,19,20,21,22,23

Financial Statement Amounts: (2 points each) The following information is used to answer questions 18 - 19: The following accounts and amounts are from the accounting records of Wild Company as of December 31, 2018, the company's year-end (before closing entries): Balance Accounts Payable 12,000 Accounts Receivable 13,500 Cash 8,000 Common Stock 30,000 Dividends 20,000 Equipment 83,000 Insurance Expense 8,500 Land 85,000 Office Supplies 3,000 Other selling, general, & administrative expenses 20,000 Retained Earnings, (Beginning balance) 145,000 Equipment 83,000 Insurance Expense 8,500 Land 85,000 Office Supplies 3,000 Other selling, general, & administrative expenses 20,000 Retained Earnings, (Beginning balance) 145,000 Salaries Expense 61,000 Service Revenue 130,000 18. Based on the account balances above, what is the net income for this company for 2018? A. $130,000 B. $ (25,500) c. $ 25,500 D. $ 23,500 19. What is the value of total assets at December 31, 2018? A. $192,500 B. $228,500 C. $264,500 D. $353,000 Accruals & Deferrals: (1 point each) Using the following answers for items 20 - 23, determine if each of the following transactions is: 1. An accrual 2. A deferral (reclassification) 20. Recording the purchase of supplies to be used over the next few months 21. Recording revenue that was earned during the accounting period but has not yet been billed to the customer and payment has not yet been received 22. Recording salaries earned by employees that have not yet been paid at the end of the accounting period. 23. Recording revenue from game tickets sold by a baseball team in advance that will be earned in the next accounting period