ZA IV. RFQT Use the following adjusted trial balance for the year ended December 31 to answer questions 23 to 32 Credit Debit $ 38,000 50,000 62,000 100,000 1,600 6,800 54,000 $ 10,800 107,500 48.900 27,000 1,700 30,000 194.010 15,000 Cash Notes Receivable Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Notes Payable (due in monthly installments of $300) Barbara Burgundy, Capital Barbara Burgundy, Drawing Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense Administrative Salaries Expense Rent Expense Insurance Expense Depreciation Expense-Office Equipment Office Supplies Expense Miscellaneous Administrative Expense Interest Revenue Interest Expense Totals 1,257,000 LAC SM GLC MED GLOV LG GLOVES 19,000 8,500 870,300 108.000 28,300 4,600 1.000 50,900 22,150 12,750 8,700 900 1,150 XLG GLOVES ACAI UICE Apple juice a needle Chedde chos de CW 5,400 3,660 $1,574,810 $1,574,810 23 The amount of "net sales" for the year was: a. $1,257,000 b. $1,238,000 $1,248,500 d. $1,229,500 e. None of these 20 pc 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. 27. The "total administrative expenses" were: a. $100,210 b. $96,550 c. $52,050 d. $50,900 e. None of these 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 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 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 28. 29. 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. S-0- b. $26,400 c. $29,700 d. $30,000 e. None of these 32 e. None of these The "total owner's equity" at December 31 was: a. $179,010 b. $194,010 c. $301,500 d. $316,500