For #6-10: The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020:

6. What is the companys net income for the year ending December 31, 2020?

a. $14,000

b. $33,000

c. $44,000

d. $135,000

7. What is the balance that would be reported for owners equity at December 31, 2020?

$104,000

$137,000

$148,000

$159,000

8. What are total current assets at December 31, 2020?

a. $28,000

b. $35,200

c. $40,200

d. $46,200

9. What are total long-term liabilities at December 31, 2020?

a. $0

b. $72,000

c. $91,000

d. $93,000

10. What is the current ratio at December 31, 2020?

a. 0

b. 2.264

c. .4418

d. 2.464

AccountspayableAccountsreceivableAccumulateddepreciation-equipmentAdvertisingexpenseCashOwnerscapital(1/1/20)OwnersdrawingsDepreciationexpenseInsuranceexpenseNotepayable,due6/30/21Prepaidinsurance(12-monthpolicy)RentexpenseSalariesandwagesexpenseServicerevenueSuppliesSuppliesexpenseEquipment$19,00013,00026,00021,20015,000104,00011,00012,0003,8007,0007,20016,00032,000135,0005,0006,000210,000