2.4-*PLEASE ANSWER ALL 5 QUESTIONS*

5 multiple choice questions.

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Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Acquired $7,600 cash by issuing common stock. 2. Provided $3,900 of services on account. 3. Paid $2,000 cash for operating expenses. 4. Collected $2,700 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $180 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement? Multiple Choice $1,380 $1,200 $1,560 $1,900 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $12,000 cash by issuing common stock 2. Provided $4,600 of services on account 3. Paid $3,200 cash for operating expenses 4. Collected $3,800 of cash from customers in partial settlement of its accounts receivable 5. Paid a $200 cash dividend to stockholders What is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1 Multiple Choice $12,400 $12,600 $13,400 $13,200 The following account balances were drawn from the Year 1 financial statements of Grayson Company: What is the balance of the Common Stock account? Multiple Choice $15,400 $19,900 $900 $20,800 Narren Enterprises began operations during Year 1. The company had the following events during Year 1: - The business issued $40,000 of common stock to its stockholders. - The business purchased land for $24,000 cash. - Services were provided to customers for $32,000 cash. - Services were provided to customers for $10,000 on account. - The company borrowed $32,000 from the bank. - Operating expenses of $24,000 were incurred and paid in cash. - Salary expense of $1,600 was accrued. - A dividend of $8,000 was paid to the stockholders of Warren Enterprises. What is the balance of the Retained Earnings account as of December 31, Year 1? Multiple Choice $10,000 $8,400 $16,400 $42,000 Which of the following are "matched" under the matching concept? Multiple Choice Expenses and revenues Expenses and liabilities Assets and stockholders' equity Assets and liabilities