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The following is an alphabetical listing of the accounts and their adjusted balances of Wallace Retailers as at their year end date June 30, 2019. Assume the owner invested an additional $3,000 into the business during the year. This amount is included in the balance of the Capital account shown below.

Account Title	Debit	Credit
Accounts Payable		6,800
Accounts Receivable	6,700
Accumulated Depreciation		4,100
Bank Loan		21,000
Cash	17,200
Cost of Goods Sold	30,600
Depreciation Expense	300
Equipment	62,000
Gain on Sale		1,500
Insurance Expense	500
Interest Expense	150
Interest Revenue		420
Maintenance Expense	800
Prepaid Insurance	2,200
Rent Expense	8,500
Salaries Expense	6,700
Sales Discounts	400
Sales Returns and Allowances	700
Sales Revenue		68,000
Steve, Capital		36,430
Steve, Drawings	1,800
Telephone Expense	800
Unearned Revenue		1,100
Total	$139,350	$139,350

The bank loan is payable over 3 years and $7,000 will be paid by December 31, 2019.

Use the Financial Statement templates to complete the question.

Answer the following multiple-choice questions by selecting the correct answer from the dropdown boxes.

1) What is the amount of the net sales? Answer$68,000$67,300$66,900$36,300

2)What is the amount of the gross profit? Answer$66,900$68,000$36,300$68,820

3)What is the total amount of the operating expenses? Answer$17,750$17,250$48,200$17,600

4)What account should be included in the other revenue and expenses? AnswerRent Expense $8,500Insurance Expense $500Salaries Expense $6,700Interest Expense $150

5)What is the balance that would appear on the Statement of Owners Equity as the opening capital balance for Steve, Capital June 1, 2016? Answer$36,430$33,430$55,100$53,900

6)What is the amount of the operating income? Answer$20,470$36,300$18,700$18,550

7)What is the amount of the other revenue and expenses? Answer$1,770$1,350$270$1,920

8)Using a single-step format, what would be the total revenue? Answer$66,900$68,820$67,320$68,400

9)What are total current assets? Answer$84,000$57,900$23,900$26,100

10)What are total current liabilities? Answer$14,000$14,900$28,900$7,900

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