Lent.disposition=inline382lenme Problem 2 Brynn's, Inc. Listed below are the accounts for Brynn, Inc. at December 31, 2019 and their balances. The amounts listed for the Income Statement accounts are before the closing entry has been posted. The amounts for the Balance Sheet accounts are after the closing entry has been posted. Accounts Payable Accounts Receivable Accumulated Depreciation Advertising Expense Building Cash Common Stock Cost of Goods Sold Depreciation Expense Equipment Interest Expense Insurance Expense Inventory Land Note Payable Prepaid Insurance Rent Expense Retained Earnings Sales Salaries Payable Salary Expense Security Deposit Tax Expense Taxes Payable Utilities Expense $ 80.000 140,000 95.000 8,000 100,000 75,000 210,000 385,000 24,000 120,000 5,000 3,000 72,000 55,000 50,000 4,000 36,000 134,000 780,000 3,000 200,000 10,000 24,000 4,000 12,000 Brynn's beginning balance in Retained Earnings was $61,000 and the beginning Common Stock balance was $60,000. The company had 6,000 shares of common stock outstanding at the beginning of the year. The corporation issued 4,000 shares of common stock on March 1, 2019. The Note Payable requires annual payments of $10,000 on principal plus interest at 10% on December 315 Use the information above to answer questions 24 - 33 on the exam. Hint: You might want to draft the financial statements on a blank piece of paper or in the Excel file with journal entries and T-Accounts. QUESTION 24 Answer questions 24 - 33 using the financial information from Problem 2: Brynn's, Inc. at C The Total Current Liabilities at December 31, 2019 was A. Some other number B. $ 87,000 B C. $ 117,000 D. $ 97,000 E. $ 137,000 QUESTION 25 The Gross Margin (Gross Profit) for the year ended December 31, 2019 was A. Some other number B. $ 395,000 C. $ 370,000 D. $ 400,000 E. $ 117,000 QUESTION 26 Total Assets at December 31, 2019 was A. $ 301,000 B. $ 486,000 C. $ 481,000 D. Some other number E. $ 496,000 QUESTION 27 The Total Current Assets at December 31, 2019 was A. Some other number B. $ 267,000 C. $ 291,000 D. $ 91,000 E. $ 297,000 QUESTION 28 The Total Owners' Equity at December 31, 2019 was A. Some other number B. $ 486,000 C. $ 139,000 D. $ 344,000 E. $ 210,000 QUESTION 29 The Dividends Declared during 2019 were A. $ 10,000 B. Some other number C. $-0- D. $ 15,000 E. $ 13,000 QUESTION 30 The Taxable income (income Before Taxes) for the year ended at December 31, 2019 was A. Some other number B. $ 112.000 C. $ 107,000 D. $ 80.000 E. $ 88,000 QUESTION 31 The Total Liabilities at December 31, 2019 was A $ 147,000 B. Some other number C. $137,000 D. $97,000 ES 496.000 QUESTION 32 The Earnings Per Share for 2019 was A. $ 11.00 B. $ 8.94 C. $ 8.80 D. Some other number E. $ 8.89 QUESTION 33 The Operating Income for the year ended at December 31, 2019 was A. $ 283,000 B. $ 112,000 C. Some other number D. $ 117,000 E. $ 83,000