1. Multiple choices (indicate the best answer 310=30 ) The following information relates to multiple choices 1.11.5 : Presented below is the balance sheet for Sabino Family Dentistry on January 1 of the current year. During the first few days of January, the following transactions occurred: Jan 1 The business borrowed $99,000 from the bank, giving a note payable due in 90 days. Additional capital stock was issued in exchange for $44,550 cash. Equipment was purchased for $62,700 on credit The business collected $26,400 of its accounts receivable and paid $37,950 of its accounts pay Indicate your answer to each of the following questions in the space provided: 1.1 On January 6, total assets of the business amount to: a$826,650.b$994,950c$957,000.d$950,400. 1.2 On January 6, owners' equity amounts to: a$752,400.b$44,550.c$796,950.d$895,950. 1.3 On January 6, the accounts payable balance is: a$136,950.b$36,300.c$24,750.d$99,000. 1.4 On January 6 , the accounts receivable balance is: a$24,750.b$38,775.c$77,550.d$63,525. 1.5 On January 6, the cash balance is: a$127,050.b$138,600c$165,000.d$202,950 1.6 A periodic inventory system eliminates the need for: a Taking an annual physical inventory. b Recording the revenue from sales transactions. c Recording the cost of merchandise sold as sales occur. d None of the above. 1.7 Which of the following is not an objective of financial reporting? a Provide information useful in assessing amount, timing, and uncertainty of future cash flows. b Provide information useful in making investment and credit decisions. c Provide information about economic resources, claims to resources, and changes in resources and claims. d Provide information to guarantee the enterprise achieves its goals, objectives, and mission. 1.8 Prior to taking a physical inventory at year-end, the perpetual inventory records of Athena Designs showed an inventory of $26,000, sales of $358,000, and a cost of goods sold of $215,000. The year-end physical inventory indicated merchandise on hand costing $24,000. The company's gross profit for the year was: a $334,000. b $145,000. c $141,000. d Some other amount. 1.9 The balance sheet of Dotty Designs includes the following items: AccountsReceivableRetainedEarningsInventoryNotesPayableCashAccountsPayableSuppliesNotesReceivable This list includes: a Four assets and three liabilities. b Five assets and three liabilities. c Five assets and two liabilities. d Six assets and two liabilities. 1.10 Joseph Jewelers purchased display shelves on March 1 for $36,000. If this asset has an estimated useful life of five years, what is the book value of the display shelves on April 30 ? a $600. b $34,800. c \$33,600. d$900