SHOW Question Completion Status: QUESTION 29 2 points At January 1, 2019, the Grande Company, a law firm, had assets of $200,000 and liabilities of $50,000. During 2019 Grande made sales of $60,000 (half for cash and half on credit), purchased supplies on credit for $3,000, paid the utilities for the year in cash in the amount of $5,000 and paid the insurance for 2020, in the amount of $10,000. The total stockholders' equity balance at December 31, 2019 is: a. $192,000 b. $195,000 O c. $207,000 O d. $202,000 2 QUESTION 30 During June of 2019, ABC Corporation had the following transactions: Performed consulting services and received payment of $40,000; Incurred and paid salaries of $14,000; Incurred and paid $3,000 of interest expense to its bank: Paid rent in in advance for July, August and September for $7,000. What is the amount of total expenses that ABC Corp. should report on its Income Statement for June? a. $24,000 b. $14,000 O c. $17,000 d. $23,000 Save Al Al Click Save and Submit to save and submit. Click Save All Answers to save all answers. OC. $531,800 O d. $465,800 QUESTION 28 The following transactions occurred during the month of June 2020 for the Pennetta Company. Received $1,900 cash for services provided to a customer during June Received $850 from a customer in partial payment of his account receivable which arose from sales in May Provided services to a customer on account for $475 Borrowed $5,000 from the bank by signing a promissory note Received $1,500 cash from a customer for services to be rendered next year What was the amount of revenue for June for the Pennetta Company? O a $2,375 O b. $ 3,875 O c. $3,400 O d. $ 3,225 QUESTION 29 - At January 1, 2019, the Grande Company, a law firm, had assets of $200,000 and liabilities of $50,000. During 2019 made sales of $60,000 (half for cash and half on credit), purchased supplies on credit for $3,000, paid the utilities for QUESTION 27 Joe's Sandwich Company has provided the following information: Cash sales totaled $255,000. Credit sales totaled $479,000. Cash collections from customers for services yet to be provided totaled $88,000. A $22,000 loss from the sale of property and equipment occurred. Interest income was $7,700. Interest expense was $19,900. Supplies expense was $336,000. Rent expense for the store was $36,000. Wages expense was $49,000. Other operating e penses totaled $79,000. Unearned revenue was $4,000. What is the amount of Joe's income before income taxes? . a. $553,800 b. $199,800 c. $531,800 d. $465,800 LECTION 20