48) A high tech company reported sales of $220,000, cost of goods sold of $150,000 and inventory of $60,000. Gross profit for the period was: a) $60,000 b) $70,000 c) $10,000 d) $90,000 e) None of the choices listed

49) Current assets: a) are those assets which are likely to be converted into cash within 12 months b) are used to operate a business and will not likely be converted to cash within 12 months c) include assets such as machinery, equipment and automobiles d) consist of cash and accounts receivable only e) None of the choices listed

41) The statement of owner's equity is the link between: a) the journal and the ledger b) the income statement and the balance sheet c) debits and credits d) the ledger and the trial balance e) None of the choices listed

39) Which one of the following accounts is increased by a debit entry? a) Bank loan b) Accounts Payable c) Sales d) Depreciation Expense e) None of the choices listed