Carpon Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana

1. Carpon Lumber sells lumber and general building supplies to building contractors in a medium-sized
   town in Montana. Data regarding the store's operations follow:The net income for December would be:
   A. $66,400
   B. $43,900
   C. $47,400
   D. $61,500

B. $43,900

2. Carpon Lumber sells lumber and general building supplies to building contractors in a medium-sized
   town in Montana. Data regarding the store's operations follow:The cash balance at the end of December would be:
   A. $13,000
   B. $52,400
   C. $65,400
   D. $74,500

C. $65,400

3. Carpon Lumber sells lumber and general building supplies to building contractors in a medium-sized
   town in Montana. Data regarding the store's operations follow:The accounts receivable balance, net of uncollectible accounts, at the end of December would be:
   A. $154,000
   B. $157,500
   C. $85,500
   D. $303,600

A. $154,000

4. Carpon Lumber sells lumber and general building supplies to building contractors in a medium-sized
   town in Montana. Data regarding the store's operations follow:Accounts payable at the end of December would be:
   A. $271,500
   B. $105,000
   C. $166,500
   D. $262,500

A. $271,500

5. Carpon Lumber sells lumber and general building supplies to building contractors in a medium-sized
   town in Montana. Data regarding the store's operations follow:Retained earnings at the end of December would be:
   A. $572,900
   B. $614,400
   C. $621,300
   D. $529,000

B. $614,400