Use the information below to answer the next several questions on the exam. Listed below are the accounts for Charlie's Chocolates, Inc. at December 31 and their balances. The December 31, 2020 amounts listed for the Income Statement accounts are before the closing entry has been posted. The amounts for the Balance Sheet accounts are after the closing entry has been posted. 2020 2019 Cash $ 79,800 $ 65,000 Net Accounts Receivable 165,000 155,000 Inventory 85,000 72,000 Prepaid Insurance 1,200 4,000 Building 100,000 100,000 Land 80,000 80,000 Equipment 130,000 100,000 Accumulated Depreciation 120,000 95,000 Security Deposit 8,000 10,000 Accounts Payable 60,000 70.000 Salaries Payable 10,000 8,000 Taxes Payable 8,000 4,000 Note Payable 50,000 60,000 Common Stock 220,000 210,000 Retained Earnings 181,000 139,000 Advertising Expense 12,000 Cost of Goods Sold 530,000 Depreciation Expense 25,000 Interest Expense 6,000 Insurance Expense 17,500 Rent Expense 24,000 Sales 950,000 Salary Expense 250,000 Tax Expense 16,000 Utilities Expense 18,000 Charlie's beginning balance in Retained Earnings was $139,000 and the beginning Common Stock balance was $210,000. The company had 5,000 shares of common stock outstanding at the beginning of the year. The corporation issued 200 shares of common stock on March 31, 2020. The Note Payable requires annual payments of $10,000 on principal plus interest at 10% on December 31st QUESTION 33 In the "Supplemental Cash Flow Information Section, the Cash Paid for Interest was O $6,000 O Some other number O $5,000 O $3,000 O $10,000 QUESTION 34 On the Cash Flow Statement, the Cash Flow from (Used by) Financing Activities was O ($11,000) OSO O Some other number O $10,000 O 159,500) QUESTION 35 The Operating Income for the year ended at December 31, 2020 was O $ 950,000 O $69.000 O $ 74,000 O $ 73,500 O some other number Use the information below to answer the next several questions on the exam. Listed below are the accounts for Charlie's Chocolates, Inc. at December 31 and their balances. The December 31, 2020 amounts listed for the Income Statement accounts are before the closing entry has been posted. The amounts for the Balance Sheet accounts are after the closing entry has been posted. 2020 2019 Cash $ 79,800 $ 65,000 Net Accounts Receivable 165,000 155,000 Inventory 85,000 72,000 Prepaid Insurance 1,200 4,000 Building 100,000 100,000 Land 80,000 80,000 Equipment 130,000 100,000 Accumulated Depreciation 120,000 95,000 Security Deposit 8,000 10,000 Accounts Payable 60,000 70.000 Salaries Payable 10,000 8,000 Taxes Payable 8,000 4,000 Note Payable 50,000 60,000 Common Stock 220,000 210,000 Retained Earnings 181,000 139,000 Advertising Expense 12,000 Cost of Goods Sold 530,000 Depreciation Expense 25,000 Interest Expense 6,000 Insurance Expense 17,500 Rent Expense 24,000 Sales 950,000 Salary Expense 250,000 Tax Expense 16,000 Utilities Expense 18,000 Charlie's beginning balance in Retained Earnings was $139,000 and the beginning Common Stock balance was $210,000. The company had 5,000 shares of common stock outstanding at the beginning of the year. The corporation issued 200 shares of common stock on March 31, 2020. The Note Payable requires annual payments of $10,000 on principal plus interest at 10% on December 31st QUESTION 33 In the "Supplemental Cash Flow Information Section, the Cash Paid for Interest was O $6,000 O Some other number O $5,000 O $3,000 O $10,000 QUESTION 34 On the Cash Flow Statement, the Cash Flow from (Used by) Financing Activities was O ($11,000) OSO O Some other number O $10,000 O 159,500) QUESTION 35 The Operating Income for the year ended at December 31, 2020 was O $ 950,000 O $69.000 O $ 74,000 O $ 73,500 O some other number
