Expert answer:Need math help with a Multiple Choice Question 1-1

Answer & Explanation:QUESTION 1Choose the one alternative that best completes the statement or answers the question. Solve the problem.Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner’s capital is $102,000.Mullen’s Hardware Balance SheetTotal assets: $131,000Total liabilities: $29,000Total liabilities and owner’s equity: $131,000Mullen’s Hardware Balance SheetTotal assets: $131,000Total liabilities: $12,000Total liabilities and owner’s equity: $131,000Mullen’s Hardware Balance SheetTotal assets: $95,000Total liabilities: $12,000Total liabilities and owner’s equity: $102,000Mullen’s Hardware Balance SheetTotal assets: $131,000Total liabilities: $17,000Total liabilities and owner’s equity: $17,00010 points  QUESTION 2Solve the problem. Express answers as a percent rounded to the nearest tenth.Complete a vertical analysis on the balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory $96,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner’s capital is $103,000.Mullen’s Hardware Balance SheetCash: 7.5%Accounts receivable: 27.2%Merchandise inventory: 65.3%Total assets: 100%Accounts payable: 43.2%Wages payable: 17.0%Total liabilities: 29.9%Mullen’s capital: 70.1%Total liabilities and owner’s equity: 100%Mullen’s Hardware Balance SheetCash: 7.5%Accounts receivable: 27.2%Merchandise inventory: 65.3%Total assets: 100%Accounts payable: 12.9%Wages payable: 56.8%Total liabilities: 29.9%Mullen’s capital: 70.1%Total liabilities and owner’s equity: 100%Mullen’s Hardware Balance SheetCash: 7.5%Accounts receivable: 27.2%Merchandise inventory: 65.3%Total assets: 100%Accounts payable: 12.9%Wages payable: 17.0%Total liabilities: 29.9%Mullen’s capital: 70.1%Total liabilities and owner’s equity: 100%Mullen’s Hardware Balance SheetCash: 7.5%Accounts receivable: 27.2%Merchandise inventory: 65.3%Total assets: 100%Accounts payable: 43.2%Wages payable: 56.8%Total liabilities: 100%Mullen’s capital: 70.1%Total liabilities and owner’s equity: 100%10 points  QUESTION 3Solve the problem. Express answers as a percent rounded to the nearest tenth.Complete a vertical analysis  on the balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise inventory $89,000, and equipment $82,000. The liabilities are accounts payable $13,000, wages payable $16,000, and mortgage note payable $77,000. The owner’s capital is $133,000.Jake’s Janitorial Service Balance SheetCash: 8.4%Accounts receivable: 20.1%Merchandise inventory: 37.2%Equipment: 34.3%Total assets: 100%Accounts payable: 12.3%Wages payable: 15.1%Mortgage note payable: 32.2%Total liabilities: 44.4%Jake’s capital: 55.6%Total liabilities and owner’s equity: 100%Jake’s Janitorial Service Balance SheetCash: 8.4%Accounts receivable: 20.1%Merchandise inventory: 37.2%Equipment: 34.3%Total assets: 100%Accounts payable: 5.4%Wages payable: 6.7%Mortgage note payable: 72.6%Total liabilities: 44.4%Jake’s capital: 55.6%Total liabilities and owner’s equity: 100%Jake’s Janitorial Service Balance SheetCash: 8.4%Accounts receivable: 20.1%Merchandise inventory: 37.2%Equipment: 34.3%Total assets: 100%Accounts payable: 12.3%Wages payable: 15.1%Mortgage note payable: 72.6%Total liabilities: 100%Jake’s capital: 55.6%Total liabilities and owner’s equity: 100%Jake’s Janitorial Service Balance SheetCash: 8.4%Accounts receivable: 20.1%Merchandise inventory: 37.2%Equipment: 34.3%Total assets: 100%Accounts payable: 5.4%Wages payable: 6.7%Mortgage note payable: 32.2%Total liabilities: 44.4%Jake’s capital: 55.6%Total liabilities and owner’s equity: 100%QUESTION 4Solve the problem.For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.gross profit: $152,000; net income: $82,000  gross profit: $72,100; net income: $29,000 gross profit: $82,000; net income: $152,000 gross profit: $152,000; net income: $29,000 10 points  QUESTION 5Solve the problem.For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory $570,000, total operating expenses $135,900. Find the net sales and cost of goods sold.net sales: $4,207,000; cost of goods sold: $1,416,000 net sales: $4,138,200; cost of goods sold: $1,416,000 net sales: $4,138,200; cost of goods sold: $135,900 net sales: $4,138,200; cost of goods sold: $2,716,300 10 points  QUESTION 6Solve the problem. Express answers as a percent rounded to the nearest tenth.The Garden Shop had a cost of goods sold of $108,000, operating expenses of $49,000, and net sales of $272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7% cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7% cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7% cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 18.0% 10 points  QUESTION 7Solve the problem. Express answers as a percent rounded to the nearest tenth.Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $222,000, and gross sales of $401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0% beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6% beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0% beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3% 10 points  QUESTION 8Solve the problem. Round to the nearest tenth.Find the percent increase (or decrease) in net sales from last year to this year for the income statement.10.6% decrease 10.6% increase 10.3% increase 10.3% decrease QUESTION 9Solve the problem. Round to the nearest tenth.Find the percent increase (or decrease) in cost of goods sold from last year to this year for the income statement.50.8% increase7.4% decrease50.8% decrease7.4% increaseQUESTION 10Solve the problem.Prepare a balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner’s capital is $89,000.Jake’s Janitorial Service Balance SheetTotal assets: $221,000Total liabilities: $110,000Total liabilities and owner’s equity: $89,000Jake’s Janitorial Service Balance SheetTotal assets: $221,000Total liabilities: $132,000Total liabilities and owner’s equity: $89,000Jake’s Janitorial Service Balance SheetTotal assets: $221,000Total liabilities: $132,000Total liabilities and owner’s equity: $221,000Jake’s Janitorial Service Balance SheetTotal assets: $124,000Total liabilities: $132,000Total liabilities and owner’s equity: $89,000

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