Multiple Choice

13) A sing tribal wins al sets and lates d c) revenge and expenses only a ties downer's equity e) None of the chosen listed 4) Ravens and expense account begin the new unting period with a) gative balances b) balances c) the values from last year's income statement d aly c) None of the choices listed 45) Which of the following s will NOT how on the post-closing trial balance? a) Cash b) Rent Expense c) Accounts Payable d) Owner's Equity c) None of the choices listed 45) Which of the following t he gross for at income is true? a) Net income is mually lwer than gross profit b) Net income is the difference between sales and cost of goods sold c) Gross profit is the difference between sales and cost of goods sold Gross profit and net income can be found on the balance sheet None of the choices listed 47) The gross probit margin for for companies was wolated as shown below. Select the company with the most desirable gros profesi * Company A has a gross profit margin of 20% by Company has a gross profit margin of 25% 4) Company has a proprietmargin of 30% d) Company has a grous profit margin of 35% e) None of the choices listed 48) A high tech company reported sales of $220,000, cost of goods sold of $150,000 and investory of $60,000. Gross profit for the period was ) 560,000 b) $20.000 c) $10.000 d) 590,000 e) None of the choices listed 9) Current a) we the wes which are likely to be worted into cash within 12 months b) wewed to opere a business and will not be converted to cash within 12 months c) includes chasmachinery, equipment and tomobiles d) consist of cash and accounts receivable only e) None of the choices listed 50) A company has total of $100,000. Innen-curren ts are worth $60.000 and prepaid expenses we $20,000. Current motor .) 520.000 b) $100.000 c) $40,000 d) $160.000 6) None of the choices listed