7. Kolander Company has the following accounts and balances at the end of the year:

Long Term Notes Payable $56,000

Accounts Receivable $31,000

Accounts Payable $38,000

Building $57,000

Cash and Cash Equivalents $82,000

Salaries Expense $124,500

Common Stock $25,000

Intrest Payable $1,500

Land $41,000

Short-term investments $7,000

Income Taxes Payable $10,000

Equipment $61,500

A. $60,000

B. 105,500

C. 184,000

D. 165,500

8. Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?

Cash $69,000

Accounts Payable $12,000

Common Stock $21,000

Dividends $12,000

Operating Expenses $12,000

Accounts Rec $52,000

Inventory $48,000

Long-term Notes Payable $33,000

Revenues $90,000

Salaries Payable $31,000

A. net income of 4,000

B. net income of 78,000

C. net income of 8,000

D. net income of 90,000

Gerald Company has the following account balances at the end of the first year of operations:

Revenues $105,000

Salaries Expense $13,000

Dividends $9,000

Utilities Expense $11,000

Advertising Expense $7,000

Cash $36,000

Land $54,000

Common Stock $56,000

A. 221,000

B. 90,000

C. 36,000

D. 116,000