questions 48 and 7

QUESTION 48 What are the correct amounts missing from the condensed income statement of Arch Company Arch Company $315,000 Net income Sales Gross profit Operating expenses Cost of goods sold 430,000 545,000 a. Sales: $975,000; Operating expenses $15,000 b. Sales: $860,000; Operating expenses: $230,000 c. Sales: $975,000; Operating expenses: $230,000 d. Sales: $860,000; Operating expenses: $115,000 QUESTION 49 What effect will this adjustment have on the accounting records? QUESTION 7 May 105,000 Unearned Rent Revenue | Cash 105,000 What effects does this journal entry have on the accounts? a. increase Cash and decrease Unearned Rent Revenue b. decrease Cash and increase Unearned Rent Revenue C. decrease Cash and decrease Unearned Rent Revenue d. increase Cash and increase Unearned Rent Revenue QUESTION 8 Which of the following is the best description of accounting's role in business