Smith Co. reported $750,000 in Sales, $325,000 in Cost of Goods Sold, and Net Income of $150,000. What were Smith Co.’s Operating Expenses?
A) $425,000
B) $275,000
C) $475,000
D) $325,000

At the beginning of the year, Smith Co. reported assets of $500,000 and liabilities of $375,000. During the year, they did not pay dividends, they had $83,000 in sales, and $65,000 in expenses. Smith Co. had an increase in total assets of $25,000 and their liabilities decreased by $3,000. What was the amount of common stock issued during the year?
A) $3,000
B) $7,000
C) $10,000
D) $13,000

Smith Co. issued $1,000,000 of 5% bonds on July 1, 2020. What was the market rate on the issuance date if the bonds were issued at a discount?
A) 2%
B) 3%
C) 4%
D) 6%

Answer rating: 100% (QA)

C Given Sales 750000 Cost of goods suld 325000 and 5 Gron profit 750000 325 000 425000 ne... View the full answer