Question
7. a) Paige's payroll included social security tax withholding of $139.75 for the pay period. The journal entry to record this includes a credit to
7. a) Paige's payroll included social security tax withholding of $139.75 for the pay period. The journal entry to record this includes a credit to
| social security tax payable | |
| salaries expense | |
| cash | |
| social security tax expense | |
|
|
|
Burns Inc. purchased a mining site for $2,000,000 on January 1, 2019. The company expects to mine coal for the next 10 years and anticipates that a total of 1,000,000 tons will be recovered. During 2019, the company extracted 100,000 tons of coal. The depletion expense for 2019 is $200,000
$400,000
$300,000
$1,000,000
c) The balance sheet of Vikings Suck, LLC has included the following information:
Cash $83,000
Accounts Receivable $37,000
Inventory $63,000
Accounts Payable $49,000
Notes Payable $150,000 (Long-Term Debt)
What is Vikings Suck, LLC's Current Ratio?
| 3.73 | |
| 2.45 | |
| 0.92 | |
| 5.82 |
d) DJ Partners has current assets of $107,000 and current liabilities of $42,000. The current assets included inventory of $24,000. What would is their quick ratio?
2.31 | ||
1.98 | ||
0.68 | ||
2.55 |
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