Question 28

The Abacus Company had the following activity and balances for the year ended 2014:

Sales Revenue	[____________]
Selling Expenses	$665,000
General and Administrative Expenses	400,000
Cost of Goods Sold	900,000
Net Income	1,535,000
Current Assets	12,000,000
Long Term Assets	34,000,000
Current Liabilities	[_________]
Long Term Liabilities	14,000,000
Owners Equity	25,000,000

What is sales revenue?

Select one:

a. $2,170,000

b. $3,265,000

c. $4,165,000

d. $3,500,000

Question 29

The Abacus Company had the following activity and balances for the year ended 2014:

Sales Revenue	[____________]
Selling Expenses	$665,000
General and Administrative Expenses	400,000
Cost of Goods Sold	900,000
Net Income	1,535,000
Current Assets	12,000,000
Long Term Assets	34,000,000
Current Liabilities	[_________]
Long Term Liabilities	14,000,000
Owners Equity	25,000,000

What is the correct balance for current liabilities?

Select one:

a. $5,000,000

b. $7,000,000

c. $900,000

d. $610,000