Use the following information to answer the next six questions:

All balances are as of 12/31/2019 unless specified otherwise.

Loss on the Sale of Equipment	62,250	Income Tax Expense	48,750
Short Term Investments	1,500	Inventory	97,500
Retained Earnings, 1/1/19	281,000	Gain on Sale of Equipment	27,500
Goodwill	50,000	Cost of Goods Sold	204,000
Common Stock	???	Notes Payable 5/1/20	12,500
Cash	70,000	Sales Revenue	447,500
Accumulated Depreciation	50,000	Dividends	10,000
Notes Payable, due 12/31/21	104,500	Prepaid Expenses	2,500
Furniture	83,000	Accrued Expenses	28,000
Equipment	372,500	Accounts Receivable	42,000
Operating Expenses	43,000	Accounts Payable	36,000

5. Determine the Working Capital as of December 31, 2019.

1. 137,000
2. 5.9305
3. 187,500
4. 149,500
5. cannot be determined since the balance of Common Stock is not given

6. Determine Retained Earnings and Cash as of 12/31/2019.

	Retained Earnings		Cash
A.	$398,000		$70,000
B.	$281,000		$80,000
C.	$422,750		$517,500
D.	$388,000		$70,000
E.	$436,750		$80,000

7. Determine Total Liabilities as of 12/31/2019.

1. $48,500
2. $76,500
3. $153,000
4. $168,500
5. $181,000

8. Determine Income from Operations for 2019.

1. $200,500
2. $243,500
3. $117,000
4. $151,750
5. $165,750

9. Determine the Total Assets as of 12/31/2019.

1. $719,000
2. $769,000
3. $679,000
4. $669,000
5. $696,500

10. Determine the Profit Margin for the year ended December 31, 2019.

1. 26%
2. 37%
3. 54%
4. 382%
5. $243,500