The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $361,000 cash. Purchased $182,000 of equipment by making a $61.000 cash down payment and signing a note payable for the balance. . Made a $35,500 cash payment on the note payable from the purchase of equipment Sold a plece of equipment for cash of $19,000. The equipment was sold at cost, so there is no gain or loss on the sale, What is the balance in the Cash account at the end of March? Multiple Choice $219.000 $344,500 $283,500 $380,000 Swordfish Company earned $69,000 in Year 1 and expects to receive 2/3 of the amount in Year 2 and the remainder in Year 3. How much revenue should Swordfish Company report in Year 1? Multiple Choice $45,000 $23,000 $69.000 50 Astoria Company had the following transactions during the month of August Year 1: (1) Cash received from bank loans was $21,000. (2) Dividends of $9,600 were paid to stockholders in cash. (3) Revenues earned and received in cash amounted to $34,500 (4) Expenses incurred and paid were $26,500 What amount of net income will be reported on an income statement for the month of August? Multiple Choice $21,000 $34,500 $0. $8,000 If revenues are $294.000, expenses are $236,000 and dividends are $34,000, before it is closed, the Income Summary will have a: Multiple Choice Debit balance of $58,000 O Debit balance of $24.000 Credit balance of $24,000 Credit balance of $58.000, Astoria Company had the following transactions during the month of August Year 1: (1) Cash received from bank loans was $27,000. (2) Dividends of $10,200 were paid to stockholders in cash. (3) Revenues earned and received in cash amounted to $40,500 (4) Expenses incurred and paid were $29,500. For the month of August, net cash flows from operating activities for Astoria were: Multiple Choice $40,500 O $11,000 $29.500 $27,000 Before making month-end adjustments, net income of Cardinal Company was $11,000 for March. Adjusting entries are necessary for the following items: Depreciation for the month of March: $1,300 Rental income accrued during March, tenant to pay in April: $700. Supplies used in March: $300. Fees earned in March that had been collected in advance: $1,600 After recording these adjustments, net income for March is: Multiple Choice $109.400 $111,700 $111.000 $110.100