Very confused about these much help appreciated! ### Accounting and Financial Reporting: Sample Questions for Balance Sheet PreparationThis section includes sample questions on preparing Balance Sheets. These questions are designed to test your understanding of financial reporting for merchandising businesses.---#### Question 38**Scenario:**When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances:- **Cash:** $50,000- **Accounts Receivable:** $60,000- **Merchandise Inventory:** $100,000- **Land:** $30,000- **Equipment:** $140,000- **Accumulated Depreciation-Equipment:** $40,000**Question:** What would be the book value of the Equipment for this Balance Sheet?**Answer Choices:**- $ \circ $ $100,000- $ \circ $ $40,000- $ \circ $ $140,000- $ \circ $ $180,000---#### Question 39**Scenario:**When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances:- **Accounts Payable:** $22,000- **Customers Refund Payable:** $3,000- **Wages Payable:** $2,000- **Mortgage Notes Payable (due in 10 years):** $123,000 (current portion of the note, $3,000)**Question:** What would be the Total Current Liabilities for this Balance Sheet?**Answer Choices:**- $ \circ $ $150,000- $ \circ $ $30,000- $ \circ $ $27,000- $ \circ $ $25,000---#### Question 40**Scenario:**When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances:- **Accounts Payable:** $22,000- **Customers Refund Payable:** $3,000- **Wages Payable:** $2,000- **Mortgage Notes Payable (due in 10 years):** $123,000 (current portion of the note, $3,000)**Question:** What would be the Total Liabilities for this Balance Sheet?**Answer Choices:**- \(

Hey, since there are multiple questions posted, we will answer first question. If you want any…

When preparing a report form of a Balance Sheet for $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land, $30,000; Equipment, $140,000; Accumulated Depreciation-Equipment, $40,000. What would be the book value of the Equipment for this Balance Sheet? handising business, assume that tne Adjusted Trial Balance has the following accounts and balances: Cash, O $100,000 O $40,000 O $140,000 O $180,000