15. During the year, Marigold Corp. reported an increase in Merchandise Inventory of $35,000. Cost of Goods Sold for the year was $150,000, and there was a $15,000 decrease in Accounts Payable. What were the cash payments to suppliers during the year?

Question 15 options:

	$200,000
	$163,600
	$187,000
	$183,000
	None of the above

16. In its first year of operations, Jagger Ltd. had the following transactions relating to its common shares:

Feb 1 Issued 5,000 shares for cash at $45 per share.

Jul 1 Issued 3,000 shares for cash at $43 per share.

Nov 1 Issued 4,000 shares for the acquisition of land. The land has a fair value of $160,000 and the shares are currently trading at $44 each.

If Jagger Ltd is preparing statements in accordance with International Financial Reporting Standards (IFRS), the sum of the entries for the first year would be:

Question 16 options:

	Total debit to assets of $530,000, total credit to common shares of $530,000
	Total debit to assets of $514,000, total credit to common shares of $514,000
	Total credit to assets of $530,000, total debit to common shares of $530,000
	Total credit to assets of $514,000, total debit to common shares of $514,000
	None of the above

17. At the beginning of the current period, Newman Corporation had balances in Accounts Receivable of $201,100 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, Newman had credit sales of $805,800 and collections on account of $769,300.

Newman uses a perpetual inventory system and determined that the cost of goods sold during the period was $669,500. Newman wrote off as uncollectible accounts receivable of $7,500. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400 at the end of the period.

The entry to record collections (not including recovery) of accounts receivable during the period is:

Question 17 options:

Accounts Receivable			201,100
	Cash			201,100

Accounts Receivable			669,500
	Cash			669,500

Cash			769,300
	Accounts Receivable			769,300

Cash			805,800
	Accounts Receivable			805,800

None of the above

18. Interest incurred on the construction of a building can be included in the cost of the building

Question 18 options:

	for as long as the interest is payable.
	if the building is financed by a mortgage.
	during the construction period of a building.
	under no circumstances.
	none of the above.