Page 35 of 44 Question 35 (3 points) The following data is available for Berkshire Corporation at December 31, 2020: Common stock, par $10 (authorized 30,000 shares) $270,000 Treasury stock (at cost $15 per share) $45,000 Based on the data, how many shares of common stock are outstanding? a) 24,000 b) 26,000. c) 25,000 d) 27.000 e) 22,000 CMP Question 37 (4 points) MNO Landscaping Company has the following selected financial statement items for 2021. presented in no particular order: Salaries and wages payable $ 10,000 Accounts receivable 11,000 Cash 14,000 Equipment 210,000 Insurance expense 3,000 Notes payable (due in 1 year) 70,000 Prepaid insurance 6,000 Unearned service revenue 3,000 Service revenue 130,000 Supplies 4,000 Supplies expense 6,000 Think about our coverage of the classified balance sheet in Chapter 2. Based on the information above, What is the total amount of current assets that would be shown on the classified balance sheet of MNO at 12/31/20212 a) $125.000 b) $35.000 c) $47,000 d) $73,000 e) None of the choices are correct. Question 40 (4 points) Family Urgent Care Clinic purchased $8,500 of medical supplies on April 1, 2020. These supplies usually last two to three months, but their office was busier than expected in April due to COVID-19. On April 30, an inventory of the medical supplies showed only $1,500 of the medical supplies still on hand. The adjusting entry that should be made on April 30 by the clinic is: a) debit Supplies Expense, $1,500; credit Supplies, $1,500. Ob) debit Supplies, $7,000; credit Supplies Expense, $7,000. c) debit Supplies, $7,000; credit Cash, $7,000. d) debit Supplies, $1,500; credit Supplies Expense, $1,500. e) debit Supplies Expense, $7,000; credit Supplies, $7,000. Previous Page Next Page Page 40 of 44