18. During the audit of Exciting Company on December 31, 2019, the following data are gathered:

Cash Balance per general ledger: $80,000

Bank charges (per bank statement): $200

Outstanding cheques: $19,000

Outstanding deposits: $24,000

Customers note collected by bank (per bank statement): $30,000

Interest on customer note (per bank statement): $1,200

Customer check returned NSF (per bank statement): $5,000

What is the adjusted cash in bank on December 31, 2019?

Question 18 options:

• $80,000

• $106,000

• $85,000

• $86,000

17. Bolton Company has a beginning merchandise inventory of $500 and an ending merchandise inventory of $700. It has a total sales of $6,000 and a gross profit margin of 25%. Calculate the inventory turnover ratio.

Question 17 options:

• 7.50

• 9.00

• 6.00

• 8.57