QUESTION 27

Here are some items that appear on an income statement. Operating expenses $2,300 Income taxes $650 Net other (other revenues and gains netted against other expenses and losses) $800 If the gross profit was $3,000, how much is net income on a multi-step income statement?

		$850
		$50
		$2,350
		$(750)

QUESTION 28

Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $45,000 Accounts payable 80,000 Property, plant & equipment 200,000 Long-term debt 60,000 Common stock 150,000 Accounts receivable 90,000 Retained earnings ? Inventory 75,000 What amount will Entity A report on its balance sheet for Total Assets?

		$560,000
		$320,000
		$410,000
		$500,000

QUESTION 29

Which of the following accounts would be closed at the end of the accounting period?

		cash
		sales revenue.
		land.
		accounts payable.