Answer the Following.

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $70,000 2) borrowed $40,000 from its bank 3) provided consulting services for $68,000 cash 4) paid back $30,000 of the bank loan 5) paid rent expense for $16,500 6) purchased equipment for $27,000 cash 7) paid $4,500 dividends to stockholders 8) paid employees' salaries of $36,00o0 What is Yowell's net income for Year 1? What is Yowell's net income for Year 1? Multiple Choice $4,500 $15,500 $65,500 $30,000 Sheldon Company began Year 1 with $1,900 in its supplies account. During the year, the company purchased $5,600 of supplies on account The company paid $2,800 on accounts payable by year end. At the end of Year 1, Sheldon counted $3,300 of supplies on hand. Sheldon's financial statements for Year 1 would show Multiple Choice $4,700 of supplies; $1,400 of supplies expense $3,300 of supplies: $2.300 of supplies expense $4.700 of supples: $5,600 of supplies expense Multiple Choice $4,700 of supplies; $1,400 of supplies expense $3,300 of supplies; $2,300 of supplies expense $4,700 of supplies; $5,600 of supplies expense $3,300 of supplies; $4,200 of supplies expense Assume the perpetual inventory method is used. 1) The company purchased $12,700 of merchandise on account under terms 4/10, n/30. 2) The company returned $2,200 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $19,400 cash. The amount of gross margin from the four transactions is: Multiple Choice $9,408. $9,320. The amount of gross margin from the four transactions is: Multiple Choice $9,408. $9,320. $6,432. $6,700 Assume the perpetual inventory method is used. 1) Green Company purchased merchandise inventory that cost $17,300 under terms of 2/10, n/30 and FOB shipping point 2) The company paid freight cost of $730 to have the merchandise delivered. 3) Payment was made to the supplier within 10 days. 4) All of the merchandise was sold to customers for $26,100 cash and delivered under terms FOB shipping point with freight cost amounting to $530. The gross margin from these transactions of Green Company is Multiple Choice $9146. $7,886. The gross margin from these transactions of Green Company is Multiple Choice $9,146 $7.886. $8,416. $8,616