End-of-year balances in several general ledger accounts

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Reference no: EM132035100

1. A company reports end-of-year balances in several general ledger accounts, as set out below

$100,000 Sales Revenue

10.000 Advertising Expense

40,000 Cost of goods sold

5,000 Depreciation Expense

20,000 Salary Expense

What is the amount of the company's gross margin for the year?

a. $60,000

b. $30,000

C. $95,000

d. $25,000

2. An option to purchase binds which of the following parties?

a) Buyer only

b) Seller only

c) Neither buyer nor seller

d) Both buyer and seller

Reference no: EM132035100

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