Use the following adjusted trial balance for the year ended December 31 to answer questions 23 to 32. Debit Credit Cash $ 38,000 Notes Receivable 50,000 Accounts Receivable 62,000 Merchandise Inventory 100,000 Office Supplies 1,600 Prepaid Insurance 6,800 Office Equipment 54,000 Accumulated Depreciation Office Equipment $ 10,800 Store Equipment 107,500 Accumulated Depreciation Store Equipment 48,900 Accounts Payable 27,000 Salaries Payable 1,700 Notes Payable (due in monthly installments of $300) 30,000 Barbara Burgundy, Capital 194,010 Barbara Burgundy, Drawing 15,000 Sales 1,257,000 Sales Returns and Allowances 19,000 Sales Discounts 8,500 Cost of Merchandise Sold 870,300 Sales Salaries Expense 108,000 Advertising Expense 28,300 Depreciation Expense Store Equipment 4,600 Miscellaneous Selling Expense 1,000 Administrative Salaries Expense 50,900 Rent Expense 22,150 Insurance Expense 12,750 Depreciation Expense Office Equipment 8,700 Office Supplies Expense 900 Miscellaneous Administrative Expense 1,150 Interest Revenue 5,400 Interest Expense 3,660 Totals $1,574,810 $1,574,810

23. The amount of net sales for the year was:

a. $1,257,000

b. $1,238,000

c. $1,248,500

d. $1,229,500

e. None of these

24. The amount of gross profit for the year was:

a. $359,200

b. $367,700

c. $378,200

d. $386,700

e. None of these

25. The total selling expenses were:

a. $108,000 b. $109,000 c. $137,300

d. $141,900

e. None of these

26. The total administrative expenses were:

a. $100,210

b. $96,550

c. $52,050

d. $50,900

e. None of these

27. The amount of net income for the year was:

a. $122,490

b. $120,750

c. $148,250

d. $149,990

e. None of these

28. The total current assets at December 31 was:

a. $1,547,810 b. $419,900

c. $258,400

d. $250,000

e. None of these

29. The total plant assets at December 31 was:

a. $161,500

b. $101,800

c. $169,900

d. $1,574,810

e. None of these

30. The total current liabilities at December 31 were:

a. $27,000

b. $28,700

c. $29,000

d. $32,300

e. $58,700

31. The total long-term liabilities at December 31 were:

a. $ - 0 -

b. $26,400

c. $29,700

d. $30,000

e. None of these

32. The total owners equity at December 31 was

: a. $179,010

b. $194,010

c. $301,500

d. $316,500

e. None of these