Reference no: EM132739833
Problem 1: The gross profit is ?100,000; goods available for sale is ? 1,100,000; beginning inventory is ?100,000; purchases is ?1,000,000; and sales is ?1,000,000. The ending inventory is?
a. ? 300,000
b. ? 100,000
c. ? 200,000
d. zero
Problem 2: Bruno Mars Enterprises provided the following totals and balances of financial statement elements on December 31, 2020. Owner's equity - ?375,000; wages expense - ?60,000; Service revenues - ?150,000; prepaid rent expense - ?33,000; utilities expense - ?16,500; accrued expenses - ? 18,750; accrued interest income - ? 2,500; delivery expense - ?10,600. How much is the net income for the year ended?
a. ? 46,650
b. ? 29,900
c. ? 13,650
d. ? 62,900
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How much is net income for year ended for bruno mars
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