Merchandise sold FOB destination indicates that: Multiple Choice The seller holds title until the merchandise is received at the buyer's location. The seller transfers title to the buyer once the merchandise is shipped. The merchandise will not be shipped until payment has been received. The merchandise has not yet been shipped. The following information was taken from a company's bank reconciliation at the end of the year: Bank balance Checks outstanding Note collected by the bank Service fee Deposits outstanding NSF check $8,300 $8,700 $1,700 $ 36 $ 4,000 $ 440 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? Multiple Choice O $7,860 $3,600 $3,564 O O $9,560 A bond issue with a face amount of $502,000 bears interest at the rate of 10%. The current market rate of interest is also 10%. These bonds will sell at a price that is: Multiple Choice The answer cannot be determined from the information provided. Equal to $502,000. Less than $502,000. More than $502,000. A company purchased new equipment for $53,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,500; sales tax paid $3,100; and installation cost, $1,900. The cost recorded for the equipment was: Multiple Choice $54,500. $59,500. $57,600. $53,000. LeGrand Corporation reported the following amounts in its income statement: Sales revenue Advertising expense Interest expense Salaries expense Utilities expense Income tax expense Cost of goods sold $ 440,000 60,000 10,000 55,000 25,000 45,000 180,000 What was Le Grand's net income? Multiple Choice $110,000. $120,000. $60,000. $65,000