20,000 560,000 Farming Part Red We fellowing is knows about Lara'Gum & Fitness, Inc. for the year 2020: (Show Work) 105,000 Expenses Retained earnings January Current Assets, December 31 Current Liabilities, December 31 $ 40,000 300,000 160,000 45,000 Dividends declared Total Assets, December 31 Contributed Capital Net Increase in Equity, 12/31 1 What were Non-Current Assets on December 2. What were Revenues during 20207 3. What were Long-Term Liabilities on December 317 Part III. Multiple Choice (14 points) Select the correct answer for each question. For any questions that require computations, you MUST show your work in order to receive partial credit for any questions missed. (14 points) 1. Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained: as of the 1/1/20, supplies on hand were $10,200, throughout the year, Wilhelm Company acquired 57,600 of more supplies with cash and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be: a b. c. d. debit Supplies on Hand $7,600 and credit Supplies Expense S 7,600. debit Supplies Expense S14,720 and credit Supplies on Hand S 14,720. debit Supplies on Hand S14,720 and credit Supplies Expense $14,720. debit Supplies Expense 53,080 and credit Supplies on Hand $3,080