Branch Inc reported the following on Dec 31st. What is the company's gross profit? Amount Account Sales Revenue Sales Allowance $177,000 $27,000 $100,000 Cost of Goods Sold Income Tax Expense Accounts Receivable Interest Receivable $19,000 $95,000 $19,000 O A. $77,000 OB $58,000 c. $50,000 OD $85,000 Seniors Incorporated reports the following amounts at the end of the year: Cash Equipment Accounts Payable Utilities Expense Rent Expense Delivery expense $ 45,000 $ 64,000 $ 11,000 $3,000 $ 16,000 $ 8,000 Service Revenue $ 120,000 Salaries Expense $ 24,000 Land $ 86,000 Supplies $ 6,000 Notes payable $ 42,000 Accounts Receivables $ 24,000 In addition, the companiy had common stock of $72,000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings of $23,000 at the beginning of the year and paid dividends of $2,000 during the year. Please prepare income statement, statement of stockholders' equity and classified balance sheet and provide the following amounts: Net income Ending balance of common stock Ending balance of retained earnings Ending total stockholders' equity Total assets Total current assets Total long-term assets Total liabilities Total liabilities and stockholders' equity At the end of the year, a company reports the following inventory amounts ($ per unit): Item # of Units Cost Net Realizable Value 100 $5 $6 200 $7 How much will inventory for each product need to be reduced using the lower of cost and net realizable value method? X Y $8 A. Reduce Produce X by $100 Reduce Product Y by $200 B. Reduce Produce X by $o Reduce Product Y by $100 oc Reduce Produce X by $o Reduce Product Y by $200 D. Reduce Produce X by $100 Reduce Product Y by $0