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30) Refer to the following adjusted trial balance after the first year of operations. Credit Debit $1,900 8,900 200 22,300 $2,000 1,000 Accounts Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense - Equipment Total 850 400 3,600 3,000 55,150 23,000 2,000 1,700 $63,000 $63.000 What will the balance of the Retained Earnings account be after the closing entries are posted? A) $25,450 B) $28,450 C) $32,050 D) $31,450 31) The following information relates to Blake Auto Supply Net Sales Revenue Cost of Goods Sold Interest Revenue Operating Expenses $215,000 150,000 11,000 42,500 31) Calculate the net income of Blake Auto Supply. A) $22,500 B) $33,500 C) $76,500 D) $240,000 32) Jameson, Inc. had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019 240 units at $72 March 10 Sold 60 units June 10 Purchased 175 units at $79 October 30 Sold 175 units What would be reported for Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system and the last-in, first-out inventory costing method are used? A) $18,145 B) $13,825 C) $4,320 D) $16,920 33) 33) When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold? A) first-in, first-out B) last-in, first-out C) weighted average D) specific identification

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