hi there can you please explain and answer questions 27-33
$45,000: Beginning 2018 inventory, 2018 ending inventory was 1. Retail Company reported the following amounts on its anning 2018 inventory, $15,000; and Cost of goods som S on its 2018 income statement: Purchases, of goods sold, S50,000. Therefore, the a. $27,000 b. $26,000 c. $25,000 d. $10,000 28. Which of the following errors would mo year? Os would most likely lead to an overstatement of income this vehue next period when the cash is collected although it is earned in the a. Recording revenue next period when current year b. Recording an expense incurred this year c. Failure to adjust deferred rent revenue as d. None of the errors lead to overstated income this year wing an expense incurred this year when the cash is paid next yedi aust deferred rent revenue account for the portion of rent earned this year 29. The Cost of Goods Available for Sale during the year was $90,000 and the Sales Revenue for the year was $120,000. If the gross profit was 60% the ending inventory must have been a. $48,000 b. $42,000 C. $36.000 d. $18,000 30. ABC Corporation was incorporated on January 1, 2018, with proceeds from the issuance of $750,000 in shares and borrowed funds of $110,000. During the first year of operations. revenues from sales amounted to $82,000 and operating costs and expenses paid, totaled On December 15, ABC Corporation declared a $3,000 cash dividend, payable to 2019. No additional activities affected shareholders' equity in 2018. shareholders on January, 2019. No additional activities affect 018 balance sheet, total assets should be reported at: On December 31, 2018 balance sheet, total assets should a $878,000 b. $882,000 c. $885,000 d. $875,000 31. Which of the following is not a true statement about preferred shares? a. Preferred shareholders receive a current cash dividend before common shareholders do b. Preferred shareholders will receive a stated dividend each year if there is net income c. Preferred shares generally do not have voting privileges d. Dividends in arrears arise only if preferred shares is cumulative 32. Harry's Auto Shop just completed its first year in business and uses the accrual basis of accounting. Net Income for the year was $30,000. The year-end balance sheet shows the following selected account balances: Prepaid Advertising Prepaid Insurance Rent Collected in Advance $1,200 1,300 1.800 If Harry's Auto Shop had used the cash basis of accounting, net income for the year just ended would have been: a. $700 lower b. $1,800 higher c. $2,500 lower d. $4,300 higher 33. Assume that the Black Company had the following account balances: Land Accounts payable Accounts receivable Sales Current portion of long term debt Long-term debt Inventory Cash $3,000 1,000 1,000 5,000 1,000 4,000 1,500 500 What is Black's quick ratio? a. 1.5 b. .75 c. .25 d. 2.5
