Fill-in-the-Blank Income Statement (10 pts)Complete the missing amounts for BrightPath Tutoring Services for the year ended December 31.RevenuesTutoring Revenue$ 45,200ExpensesSalaries Expense$ 18,300Software Subscription Expense$ 2,400Utilities Expense$ 1,100Total Expenses__________Net Income__________

Company sold 100 units during the year. The following data applies:Beginning inventory: 60 units @ $10 eachPurchases: 40 units @ $12 eachEnding inventory: 20 unitsUsing LIFO, what is the cost of goods sold?

5. Which of the following statements about cash dividends is true?

9. Which of the following is a likely reason a company might choose not to pay dividends?

You win a lottery that offers two payout options:Option A: $50,000 lump sum today.Option B: $12,000 at the end of each year for 5 years.Assume a 6% annual discount rate.Which option has the higher present value?

7. A scholarship pays you $1,000 at the end of each year for 5 years—what’s that worth today? What is the present value of receiving $1,000 annually for 5 years, if the interest rate is 4% compounded annually?

4. When treasury stock is purchased, how does it affect the accounting equation?

Normal Balances & Account Classification (10 pts)Below is a list of accounts. For each account, indicate (a) its normal balance (Debit or Credit) and (b) whether it belongs to Assets (A), Liabilities (L), or Equity (E).AccountNormal Balance (Dr/Cr)Classification (A/L/E)a. Accounts Receivable____________________________________________b. Unearned Revenue____________________________________________c. Common Stock____________________________________________d. Accumulated Depreciation____________________________________________e. Notes Payable____________________________________________f. Dividends____________________________________________g. Supplies____________________________________________h. Interest Payable____________________________________________i. Retained Earnings____________________________________________j. Equipment____________________________________________k. Wages Payable____________________________________________l. Prepaid Insurance____________________________________________m. Service Revenue____________________________________________n. Land____________________________________________o. Salaries Expense____________________________________________

3. You win a small prize in a contest and decide to invest it for a few years. If you invest $2,000 at an annual interest rate of 5% compounded annually, what will the future value be after 5 years?

Select valid reasons why use cases are written