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Sheffield Corp. started the month of June 2022 with total assets of $220000 and total liabilities of $130000. During June, the business recorded $328000 in revenues, $164000 in expenses, and dividends of $69000. The net income reported by Sheffield Corp. for the month of June was $194000 $130000. $151000. $164000. Rains Company is a furniture retailer. On January 14,2022 , Rains purchased merchandise inventory at a cost of $57000. Credit terms were 2/10,n/30. The inventory was sold on account for $300000 on January 21,2022 . Credit terms were 1/10,n/30. The accounts payable was settled on January 23 , 2022 , and the accounts receivables were settled on January 30,2022 . Which statement is correct? On January 30, 2022, customers should remit cash in the amount of $297000. Gross profit percentage is 60%. Cash flows were affected on January 14 and January 21. There is not enough information available to answer this question. Whispering Winds Corp, accounting records show the following for the year ending on December 31, 2022. Using the periodic system, the cost of goods purchased is $715420. $690820. $659620. $705220. A company purchased office supplies costing $5300 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $950 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies, \$950; credit Supplies Expense, $950. debit Supplies, $4350; credit Supplies Expense, $4350. debit Supplies Expense, $4350; credit Supplies, $4350. debit Supplies Expense, \$6250; credit Supplies, \$6250. On January 1,2022 , Metlock, Inc. purchased equipment for $48600. The company is depreciating the equipment at the rate of $680 per month. The book value of the equipment at December 31,2022 is: $8160. $48600. $40440. $0