Consider the overall effects on Jefferson Cleaning Service from selling and performing services on account for $6,520 and paying expenses totaling $5,250. What is Jefferson Cleaning Service's net income or net loss? A. Net income of $1,270 B. Net income of $6,520 OC. Net loss of $1,270 OD. Net income of $11,770 Which of the following is an asset account? O A. Salaries Expense O B. Prepaid Expense O C. Accounts Payable OD. Service Revenue The balances of select accounts of Janet, Ing, as of December 31, 2016 are given below: Notes Payable-short-term $1,000 Salarios Payable 6,000 Notes Payable long-term 24,000 Accounts Payable 3,100 Uneamed Revenue 2,000 Interest Payable 2,100 The Unearned Revenue is the amount of cash received for services to be rendered in January, 2017. The Interest Payable is due on February 15, 2017. What are the total current ties shown on the balance sheet? O A $13.200 OB. $14,200 C. $12,100 OD. $5,200 Country Cupboard purchased inventory for $4.900 and also paid a $430 freight bill Country Cupboard returned 35% of the goods to the seller and later took a 2% purchase discount. Assume Country Cupboard uses a perpetual inventory system. What is Country Cupboard's final cost of the inventory that it kapt? (Round your answer to the nearest whole number.) O A $3,121 OB. $3,395 OC. $1,681 OD. $3,551 Fashion Jewelers uses the perpetual inventory system. On April 2. Fashion sold goods with a cost of $5,000 for $14,000 with terms of 4/15, 1/30. On April 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance. On April 10, Fashion received the payment for the salo. Give the journal entry that will be recorded on April 10 by Fashion 12,000 480 11,520 11.520 480 O A Cash Sales Discount Accounts Receivable OB. Cash Sales Discount Accounts Receivable OC Accounts Receivable Sales OD. Cash Accounts Receivable 12.000 12.000 12.000 12.000 12.000 Refer to the following trial balance. Credit Debit $7,000 14,000 18,000 5,000 100,000 Cash Accounts Receivable Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings O A $170,000 B. $76,000 C. $285,000 OD. $159,000 $4,000 24,000 77,000 10.000 $4,000 24,000 77,000 10,000 1,000 Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Utilities Expense 170,000 5,000 6,000 83,000 5,000 23,000 Ann O A. $170,000 B. $76,000 O c. $285,000 OD. $159,000 LIVIUCIUS 1, VVU 170,000 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals 5,000 6,000 83,000 5,000 23,000 16,000 2,000 $285,000 $285,000 How much is the gross profit? O A. $170,000 B. $76,000 O c. $285,000 OD. $159,000 Click to select your
