FINANCIAL STATEMENTS: In the income statement if total revenues are 30,000 and total expenses are 10,000, how much is the net income?

		A. 40,000
		B. 30,000
		C. 20,000
		D. 10,000
		E. None of the above

INVENTORY METHODS: Co. T has the following beginning inventory, purchases and ending inventory: Beginning inventory 100 units at $10 each, Purchase 6/1 500 units at $20 each, Purchase 9/1 400 units @ 30 each, and ending inventory 400 units. What is the average cost per unit?

		A. 24
		B. 22
		C. 20
		D. 10
		E. None of the above

BANK RECONCILIATION: In a bank reconciliation, if the balance in cash per the Companys books is 160,000 and the interest revenue is 5,000 and the EFT collection is 20,000 and the bank service charge is 1,000 and the NSF check is 24,000, what is the adjusted book balance?

		A. 160,000
		B. 140,000
		C. 120,000
		D. 100,000
		E. None of the above

INVENTORY METHODS: Co. F has the following units of beginning inventory and purchases for the year: beginning inventory 100 units at $40 each, a 2/28 Purchase 200 units at $50 each and a 6/15 purchase of 200 units at $60 each and a 12/15 purchase of 100 units at $70 each. Using the FIFO method, if the ending inventory is 300 units, what is the cost of the ending inventory?

		A. 25000
		B. 22,667
		C. 19,000
		D. 14,000
		E. None of the above

BANK RECONCILIATION: What type of account is interest revenue?

		A. Asset
		B. Liability
		C. Equity--Capital
		D. EquityRevenue
		E. Equity--Expense

INVENTORY METHODS: Co. F has the following units of beginning inventory and purchases for the year: beginning inventory 100 units at $40 each, a 2/28 Purchase 200 units at $50 each and a 6/15 purchase of 200 units at $60 each and a 12/15 purchase of 100 units at $80 each. Using the FIFO method, if the ending inventory is 300 units, what is the cost of the ending inventory?

		A. 25,000
		B. 22,667
		C. 20,000
		D. 16,000
		E. None of the above