1)The following information is available for the Brown Company for 2016: Gross Profit $ 30,000 Net Sales 500,000 Beginning Inventory 220,000 Ending Inventory 40,000 What was the amount of cost of goods sold? O $470,000 O $210,000 O $180,000 O $150,000 2) pts Land is usually valued at O market value historical cost O present value O net realizable value Question 2 2 pts Public companies must show on the income statement the earnings-per-share effect of income from continuing operations O gross profit O sales revenue O all of the above Question 3 2 pts A balance sheet account that is usually reported at its fair market value is short-term marketable securities O accounts receivable O property, plant, and equipment O inventory

1)as per the information given above we can find out cost of goods sold in 2 ways

Cost of Goods Sold = 470,000

Type 1:

Cost of goods sold = Sales - GrossProfit

= $500,000 -$30,000

=$470,000

Type : 2

Purchases = (Opening Inventory +Gross Profit) - (Net Sales + Closing Inventory)

Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory

= $220,000+$290,000-$40,000

=$ 470,000

PLEASE SEE THE ATTACHED FILE.

2)

1- Land is usually valued at Historical cost. Therefore the correct answer is option B. (It is valued at historical cost on the assumption that land is acquired for business use and not as an asset held for sale.)

2- Public companies must show on the income statement the earnings per share effect of:- Income from continuing operations, gross profit and the sales revenue.    Therefore the correct answer is option D i.e all of the above

3- A balance sheet item that is usually reported at its fair market value is Short-term marketable securities.   Therefore the correct answer is option A.