please solve 6,7,8 and part 2 please!!!!
6. For the year, Beta had beginning total liabilities of $25,000 and ending total liabilities of $15,000. During the year, total assets increased $30,000. The beginning balance in stockholders' equity was $40,000. In addition, common stock of $10,000 was sold at par value, and dividends of $5,000 were declared and paid. How much was Beta's net income for the year. HINT: Use changes in the accounting equation to solve this problem A. $5,000 B. $10,000 C. $15,000 D. $20,000 E. None of the above 7. If the balance in the accounts payable account decreased during the year, which of the following best explains the adjustment made when converting from cash basis net income to accrual basis net income? A. Because this decrease is the result of recognizing an expense for accrual basis but not cash basis and, therefore, this decrease is required to be added to the cash basis net income balance to find accrual basis net income B. Because this decrease is the result of recognizing an expense for cash basis but not accrual basis and, therefore, this decrease is required to be subtracted from the cash basis net income balance to find accrual basis net income C. Because this decrease is the result of recognizing an expense for accrual basis but not cash basis and, therefore, this decrease is required to be subtracted from the cash basis net income balance to find accrual basis net income D. Because this decrease is the result of recognizing an expense for cash basis but not accrual basis and, therefore, this decrease is required to be added to the cash basis net income balance to find accrual basis net income E. None of the above 8. Alpha had net sales of $16 million, ending inventory of S6 million, beginning inventory of $8 million, and a gross profit percent of 25%. Using the periodic inventory system, what was Alpha's net purchases? A. S6 million B. $8 million C. S10 million D. S12 million E. None of the above Part II. Erroneous Trial Balance At the end of the year, Alpha Corporation's adjusted trial balance had total debits of $59,130 and total credits of S59,570. After a review, mistakes were discovered. Show how each item should be treated on the trial balance in order to find the correct ending balances. Enter the amount(s) with + or -. Each line should have at least one dollar amount entered in one of the cells. [5 points each] Errors/Omissions 1. Alpha overstated the amount recorded for a credit sale by $900 2. A cash sale for $500 was erroneously recorded as unearned revenue. No AJE was recorded to correct this error. 3. The Alpha bookkeeper erroneously posted $800 twice to the accounts payable account in the general ledger. 4. Alpha's AJE for supplies contained a debit for the incorrect amount of $840 to supplies expense instead of the correct amount of $480. The credit side was correct. 5. Alpha's AJE for accrued salaries was incorrectly recorded for $70 instead of the correct amount of $700 (both the debit and credit)
