A company has assets of $5,000,000, liabilities of $3,000,000, and retained earnings of $1,200,000. How much is total shareholders' equity? $800,000 $1,200,000 $2,000,000 $3,200,000 On February 1, 2019 PAG Ltd, purchased a 1-year insurance policy for $42,000. If the company prepares annual adjusting entries, what amount would be reported for Insurance expense for the year ended December 31, 2019? $38,500 $35,000 $42,000 $3,500 A sporting goods chain purchased supplies at a cost of $18,000 during the year. At January 1, the beginning balance in the supplies account was $4,000. At December 31, supplies on hand are $1200. How much is the supplies expense for the year under accrual accounting? $18,000 $4,000 $20,800 $19,200 Match Incorporated recorded salary expense of $120,000. However, additional salaries of $9,000 had been earned but not paid or recorded at December 31. After the adjustments are recorded and posted at December 31, what will be the balances in the salaries expense and salaries payable accounts? salaries expense: $120,000; salaries payable: $0 salaries expense: $120,000; salaries payable: $9,000 salaries expense: $129,000; salaries payable: $0 salaries expense: $129,000; salaries payable: $9,000 Which of the following is NOT an expense? Depreciation Salaries Cost of goods sold Dividends Canterbury Cycles pays each salesperson a commission of $800 for each cycle sold. During the month of November, a salesperson sold three cycles. The company pays commissions on the fifth day of the month following the sale. Which of the following statements reflects appropriate accounting treatment using accrual accounting? The company will recognize commission revenue in the amount of $2,400 in December. The company will recognize commission expense in the amount of $2,400 in November. The company will recognize commission expense in the amount of $2,400 in December. The company will recognize commission revenue in the amount of $2,400 in November.