Please give answers with explanations.

1 pts The Gray Corporation completed the following transactions for the month: 1 Owners begin company by investing $30,000. Purchased $10,000 of equipment which has a useful life of 5 years and is expected to be wor that time. Purchased a three-month insurance policy for $525. Performed $6,000 of services to customers; sent bill. Paid $300 for office supplies. Received $1,200 from a customer for services sold in advance. Paid employee payroll of $3,200. Supplies on hand reported at $200. 20 30 Based on the transactions above, what was to company's net income for the month? Question 2 1 pts SuperSnacks, Inc. sells a variety of packaged snack foods. In a recent report, there was a favorable "quantity" variance related to direct materials. How many of the following may help explain that variance? Several crates of direct materials were lost. Improved storage practices increased shelf life of direct materials. The sales price of the company's products were increased. A shortage of direct materials caused an increase in their price, 00 1 Previous Question 8 The cash payback method of evaluating a capital investment decision 1 pts is more informative than the net present value method. incorporates time value of money factors in its calculation. includes all cash flows related to a capital investment. all of the above are true none of the above are true