1. Question 4 (16 marks) Please circle the best answer Jane works at a clothing store. A typical gross profit in 40% a new jacket has a cost of 575, should its selling price be to obtain the desired cost of good told percentage? A) $100 B)$125 C) $150 D) 3200 E5250 For Camby Photo, owner's equity was understated, and liabilities were overstand which of the showing errors could have been the cause? A) Making the adjusting entry for depreciation twice B) Failure to record accrued interest on a note payable C) Failure to record the earned portion of fees received in advance D) Failure to record revenue that had been earned but not yet billed to customers or received E) None of the above 2 3. Z-Mart purchased 54,000 worth of merchandise on credit with credit terms 1/10, 1/30 Transportation costs of $200 were paid in cash. Z-Mart returned $1,000 worth of merchandise and paid the invoice within the discount period. The amount of the discount was A) $40 B) 542 C) $30 D) 0 E) None of answers to D 4. All of Trekking Company's inventory in its River Oaks store was destroyed by a fire is gross proftrato was 60% and net sales were $30.000 Beginning inventory was $5,000 and net purchases for the year were $24,000. The estimated cost of the inventory lost in the fire is A) $12,000 B) $15,000 C) $30,000 D) $19.200 E$18,000 5 Which of the following is not a control over petty cash? A) Choose one employee to be the petty cashier. B) Count the petty cash at the end of each month. C) Keep the petty cash in an unlocked desk D) Support all fund payments with a recept 6 The inventory costing method that would seem most appropriate for an inventory of unique tems such as oil paintings or custom jewellery A) LIFO B) FIFO C) Specific Identification D) Moving Weighted Average 7 Z-Mart made a bank deposit on September 30 that did not appear on September's bank statement in preparing September's bank reconciliation, the company should A) Deduct the deposit from the bank statement balance B) Find a different bank to use C) Deduct the deposit from September's book balance and add it to October's book balance D) Add the deposit to the book balance of cash. E) Add the deposit to the bank statement balance 8. At the end of a month, a cash fund in the amount of $300 has cash remaining in the fund of 14 ans receipts of $284. The journal entry to reimburse the fund at the end of the month will include the following: A) Debit to cost of goods sold for $14 B) Credit to cost of goods sold for $14 c) Debit to cash over and short for $2 DJ Credit to cash over and short for 52 E) Credit to petty cash for S2 F) Credit to petty cash for $2