QUESTION 13 Bonnie's Piano School operations for the month of May were limited to the following transactions: Provided $800 of piano lessons to students who paid in cash. Provided $200 of piano lessons on account. Collected $600 from students who took piano lessons during April. Paid April's piano rental bill of $200. Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May? A. $700. B. $600. C. $1,200 D. $800. QUESTION 16 During the company's first year of operations, supplies costing $5,800 were purchased and recorded in the Supplies account. At the end of the period, supplies costing $3,000 were left. What adjusting entry must be recorded to correctly state all supplies related accounts? A Debit Supplies Expense and credit Supplies for $2,800 Debit Supplies and credit Supplies Expense for $2,800 B Debit Supplies Expense and credit Supplies for $5,800 D. Debit Cash and credit Supplies for $3,000 QUESTION 26 Selected financial information presented below was obtained from the financial statements of the Molly Inc.: Current Assets Property and Equipment, net Current Liabilities Noncurrent Liabilities Stockholder's Equity Sales Revenue Net Income What was the net profit margin ratio? $40,000 60,000 45,000 35,000 20,000 50,000 18,000 A. 45.00% B. 277.78% C. 18.00% D. 36.00% QUESTION 30 Consider the following information from a company's unadjusted trial balance at December 31, 2015. All accounts have normal (positive) balances. $4,500 650 1,700 Accounts Receivable Accounts Payable Cash Service Revenue Common Stock Equipment Insurance Expense Land Notes Payable, Due 2018 Notes Receivable, Matures 2016 Prepaid Insurance Rent Expense Retained Earnings, January 1, 2015 Salaries and Wages Expense 5,500 4,000 4,900 400 3,800 4,000 1,200 400 1,400 7.850 3,700 What is the total of the debit side of the unadjusted trial balance? A $22,000 B. $17,350. C. $13,500. D.516,500. Click Save and Submit to save and submit Click Save All Answers to save all answers Save A