Cash Land Accounts Payable Interest Expense Rent Expense Supplies expense $ 27,000 $ 75,000 $ 9,000 $3,000 $ 12,000 $ 2,000 Service Revenue $ 120,000 Salaries Expense $ 24,000 Equipment $ 86,000 Supplies $6,000 Notes payable $ 42,000 Accounts Receivables $ 52,000 In addition, the company had common stock of $85,000 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 llabilities and stockholders' equity At the end of the year, a company reports the following inventory amounts (5 per unit): Item # of Units Cost Net Realizable Value $5 $6 Y 200 $8 $7 How much will inventory for each product need to be reduced using the lower of cost and net realizable value method? 100 O A Reduce Produce X by $100 Reduce Product Y by $200 OB. Reduce Produce X by So Reduce Product Y by $100 OC Reduce Produce X by So Reduce Product Y by $200 D. Reduce Produce X by $100 Reduce Product Y by $0 Yellow Company had the following transactions and uses a perpetual inventory syster March 1st: Bought $4,200 worth of inventory from Brown Corp on account March 5th Successfully returned $400 worth of product to Brown Corp March 25th Paid Brown Company in full What is the journal entry on March 25th that Yellow Corp would record: O A. Account Payable Sales Discount Cash $4,200 $400 $3,800 B. Cash Accounts Payable $4,200 $4,200 OC. Inventory Sales Returns Cash $4,200 $400 $3,800 D. Accounts Payable Cash $3,800 $3,800 Aunt Bess Corp had the following Inventory. Aunt Bess Corp makes one sale of 200 units on December 23rd and uses the Weighted Average method to account for inventory. What is the cost of Goods Sold in December? What is the Ending Inventory in December? Date Transaction Units Cost Total Cost Jan 1 Beg. Inventory 100 $20 $2000 Jan 10 Purchase 150 $30 $4500 O A Cost of Good Sold 55,000: Ending Inventory $1,500 B. Cost of Good Sold $4,000: Ending Inventory $1,000 OC. Cost of Good Sold 85,500: Ending Inventory $1,000 OD. Cost of Good Sold 55,200 : Ending inventory $1,300 A Moving to another question will save this response. Question 48 of 51 5 7 8