At June 1, 2016, Snap Shot reported owner's equity of $36,000. The company had no owner drawings during lune. At June 30, 2016 the company will report owner's equity of a. 530,700 b. $36,000. c $38,000. d. $43,300. Which of the following depicts the proper sequence of steps in the accounting cycle? a. Journalize the transactions, analyze business transactions, prepare a trial balance b. Prepare a trial balance, prepare financial statements, prepare adjusting entries c Prepare a trial balance, prepare adjusting entries, prepare financial statements 12) d. Prepare a trial balance, post to ledger accounts, post adjusting entries 13) The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable Accounts receivable Accumulated depreciation- equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance [12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment 19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 5,000 6,000 210,000 What is the company's net income for the year ending December 31, 2016? a. $14,000 b. $33,000 $44,000 d. $135,000 14) Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Glover Co. on April 19, in receiving fuill credit is: a. Accounts Payable 5,000 Inventory 5,000 b. Accounts Payable. 5,000 so Inventory 5,150 c. Accounts Payable Purchase DiscountsS Inventory 120 4,850 d. Accounts Payable. 5,000 Inventory Cash 120 4,850 15) Sales revenues are usually considered earned when a. b. c. d. cash is received from credit sales. an order is received. goods have been transferred from the seller to the buyer. adjusting entries are made