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