II Calculating(4*5points) 1. The taco stand had 1000 in sales, 500 in expenses, paid 200 in dividends, and borrowed 300 from the bank. What is net income for the period? Enter your answer below: 2. A firm engaged in the following transactions. What is net income? a. Borrowed 10000 from the bank, signing a long term note. b. Provided 5000 in service to customers, although only 1000 has been paid. c. Paid 2000 for accounts payable d. Paid 4000 for next year's rent in advance e. Received a bill for this month's phone bill for 1000, but did not pay it. Enter your answer below: 3. Beginning inventory 1000, purchases -5000, ending inventory 3000. What is cost of goods sold? Enter your answer below: 4. A firm has a credit balance of 500 in its allowance account. It uses aging of receivables, and the new A/R are estimated to be uncollectible at 1%, old A/R at 10%. There are 10000 of new A/R, and 5000 of old A/R. Credit sales were 45,000. What will be the ending balance in the allowance account? Enter your answer below