Need help with the following:
Question 3 3 pts These questions are based on the following information compiled for our company at the end of the current year: Cash $2,000 Accounts receivable $2,500 Equipment $200 Vehicle $4,000 Accounts payable $1,350 Unearned revenue $700 Common stock $1,000 Retained earnings $3,950 (Balance as of January 1 of the current year) Dividends $500 Service revenue $4,500 Salaries expense $1,500 Rent expense $300 Advertising expense $500 Calculate the dollar amount for net income on our current year's income statement (December 31). [ Select ] Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31). [ Select ] Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31). [ Select ]Question 14 4 pts Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit Cash $1,000 Accounts receivable $2,000 Equipment $3,250 Accounts payable $2.500 Common stock $1,500 Retained earnings 7 Dividends $250 Service revenue $4,500 Salaries expense $1,100 Advertising expense $900 [ Select ] # Select the correct closing entry for revenues from the table below: Debit Credit A Service revenue $3,000 Income summary $3,000 B Income summary $4,500 Service revenue $4,500 C Income summary $3,000 Service revenue $3,000 D Service revenue $4,500 Income summary $4,500 [ Select ] * Select the correct closing entry for expenses from the table below: Debit Credit A Salaries expense $1,100 Advertising expense $900 Income summary $2,000 B Income summary $2,000 Salaries expense $1,100 Advertising expense $900 C Expenses $2,000 Income summary $2,000 D Income summary $2,000 Expenses $2,000Question 20 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? O $9.900 $8.500 O $8.400 O $7.000Question 21 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 150 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? O $4.900 O $5.950 O $10,950 O $12,000Question 22 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method? O $9.900 O $8.500 O $8.400 O $7.000Question 23 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method? O $9.900 O $8.500 O $8.400 O $7.000Question 24 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 150 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method? O $4.900 O $12,000 O $11,523 O $5.377Question 25 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method? O $7.000 O $7.682 O $9.218 O $9.900Question 31 1 pts On January 1, our company purchased a truck for $95,000. The estimated useful life of the truck is 5 years. The residual value at the end of 5 years is estimated to be $15,000. What is the depreciation expense for the second year of use if we use the straight-line method? O $38,000 O $16,000 O $19,000 O $32,000Question 32 3 pts Use the following information to answer these questions. On January 1, our company purchased a truck for $85,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $5,000. What is the depreciation expense for the second year of use if we use the double-declining balance method? [ Select ] What is the balance in accumulated depreciation at the end of the second year of use if we use the double-declining balance method? [ Select ] What is the book value at the end of the second year of use if we use the double-declining balance method? [ Select ]Question 33 1 pts On January 1 of the current year (Year 1), our company acquired a truck for $75,000. The estimated useful life of the truck is 5 years or 100,000 miles. The residual value at the end of 5 years is estimated to be $5,000. The actual mileage for the truck was 22,000 miles in Year 1 and 27,000 miles in Year 2. What is the book value at the end of the first year of use (Year 1) after we complete the adjusting entry if we use the units of production method? O $59.600 O $56,100 O $54,600 O $51,100
