24. INVENTORY METHODS: Co. A has the following units of purchases, total sales for the year and ending inventory: Purchase 6/1 600 units at $15 each, Purchase 9/1 400 units @ 20 each, and total sales for the year 800 units and ending inventory 600. How many units are in beginning inventory?

		A. 500
		B. 400
		C. 300
		D. 200
		E. None of the abov

25. FINANCIAL STATEMENTS: What is the correct sequence from first to last in which the following four financial statements are prepared: (1) Balance Sheet (2) Statement of Cash Flow (3) Income Statement and (4) Statement of Owners Equity

		A. 1-2-3-4
		B. 3-4-1-2
		C. 4-3-2-1
		D. 3-1-2-4
		E. None of the above

26. INVENTORY METHODS: Co. D. Using the specific identification method, the following units make up the total of 600 units in ending inventory: 1/1 Beginning inventory of 200 units at $10 each, a purchase 2/28 of 200 units at $20 each and a purchase 6/15 of 200 units at$30 each. What is the total cost of the ending inventory?

		A. 15,000
		B. 12,000
		C. 9,000
		D. 6,000
		E. None of the above

27. FINANCIAL STATEMENTS: In the income statement if total revenues are 30,000 and the net income is 5,000 how much are the total expenses?

		A. 40,000
		B. 30,000
		C. 20,000
		D. 10,000
		E. None of the above

28. FINANCIAL STATEMENTS: Which financial statement shows that the total of all the assets equals the total of the liabilities and owners equity?

		A. Income Statement
		B. Statement of Owners Equity
		C. Balance Sheet
		D. Statement of Cash Flow
		E. None of the above

29. FINANCIAL STATEMENTS: In the balance sheet if the total of all the assets is 100,000 and the owners equity is 40,000, how much are the total liabilities?

		A. 100,000
		B. 60,000
		C. 50,000
		D. 40,000
		E. None of the above

30. BANK RECONCILIATION: What type of account is bank expense?

		A. Asset
		B. Liability
		C. Equity--Capital
		D. Equity--Revenue
		E. EquityExpense