Q1

The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the corporation paid cash dividends of $24,000 and the stockholders made an additional investment of $15,000.

Assets Liabilities

Beginning of year $395,000 $190,000

End of year 555,000 320,000

The amount of net income or net loss for the year was

Group of answer choices

net income of $54,000.

net income of $30,000.

net loss of $15,000.

net income of $39,000.

net income of $69,000.

Q2

Marsh Company does not ring up sales taxes separately on the cash register. Total receipts for February were $14,310. If the sales tax rate is 6%, what amount must be remitted to the state for February's sales taxes?

Group of answer choices

$ 810.00

$858.60

cannot be determined

Q3

Machinery was purchased for $50,000, has an estimated scrap value of $6,000 and has a current carrying value of $33,000. Its depreciable cost is

Group of answer choices

$19,000.

$11,000.

$44,000.

$17,000.

$27,000.

$1,013.40

$807.08