QUESTION 30 Tom Company (which uses a perpetual inventory system) has the follow

Question

QUESTION 30 Tom Company (which uses a perpetual inventory system) has the following account balances after adjusting entries at December 31, 2012 $227,000 Cash Merchandise Inventory (12/31/2012) Equipment Accounts Receivable Common Stock ($.50 par) Sales Rent Expense 100,000 120,000 105,000 350,000 880,000 67,000 120,000 27,000 10,000 47,000 85,000 Bonds Payable (due 2040) Accounts Payable Dividends Treasury Stock, Common (19,000 shares) Preferred Stock 696 ($10 par) Land Paid-in Capital in Excess of Par Value, Preferred Cost of Goods Sold Interest Expense I Inearned Revenie 260,000 8,000 720,000 20,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers O F3 000 F FI F2 FS fb

Explanation / Answer

Sales 880000 Expenses: Rent expense 67000 Cost of goods sold 720000 Interest expense 20000 Operating expenses 95000 902000 Net income(loss) -22000 Option 1 is correct

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