TUF Corporation has retained earnings of $450,000 at December 31, 2020. During 2021 TUF reported $170,000 of net income and declared $20,000 of dividends. What is the December 31, 2021 retained earnings?

Question 6 options:

	$640,000
	$600,000
	$430,000
	$620,000

Question 7 (1 point)

Which of the following is NOT an expense?

Question 7 options:

	Depreciation
	Salaries
	Cost of goods sold
	Dividends

Question 8 (1 point)

Canterbury Cycles pays each salesperson a commission of $800 for each cycle sold. During the month of November, a salesperson sold three cycles. The company pays commissions on the fifth day of the month following the sale. Which of the following statements reflects appropriate accounting treatment using accrual accounting?

Question 8 options:

	The company will recognize commission revenue in the amount of $2,400 in December.
	The company will recognize commission expense in the amount of $2,400 in November.
	The company will recognize commission revenue in the amount of $2,400 in November.
	The company will recognize commission expense in the amount of $2,400 in December.

Question 9 (1 point)

Cozy Corporation purchased supplies at a cost of $15,000 during the current year. At January 1, supplies on hand were $5,000. At December 31, supplies on hand are $2,000. How much is the supplies expense?

Question 9 options:

	$2,000
	$13,000
	$15,000
	$18,000