us Os urth lanatio 6. Financial information is presented below, Gross profit would be a. $49,000 b. $42,000 c. $45,000 d. $52,000 Operating expenses $ 28,000 Sales returns and allowances7,000 Sales discounts $3,000 150,000 S 98,000 Sales revenue Cost of goods sold 7. These are selected account balances on December 31, 2017. What is the total amount of property, plant, and equipment that will appear on the balance sheet? a. $2,250,000 b. $1,950,000 c. $2,700,000 d. $1,725,000 $150,000 Land (held for future use) $225,000 Land $1,200,000 $300,000 $675,000 $150,000 Accumulated Depreciation $450,000 Buildings Inventory Equipment Furniture 8. Sampson Company's accounting records show the following for the year ending on December 31, 2017, Using the periodic system, the cost of goods purchased is a. $660,420 b. $708,420 c. $717,220 d. $691,620 $ 11,200 S15,600 $ 700,020 $ 47,000 $57,600 Purchase Returns and Allowances 12,800 Purchase Discounts Freight-In Purchases Inventory Ending Inventory 9. Shaffer Company acquires land for S77,000 cash. Additional costs are as follows, Shaffer will record the acquisition cost of the land as:- a. $77,000 b. $78,690 c. $80,610 d. $80,370 Removal of shed S 300 Filling and grading S 1,500 Salvage value of lumber of shed S 120 Broker commission Paving of parking lot Closing costs S 1,130 S 10,000 $ 560