8 18 5 6 12 21 15 G Question 44 (1 point) Listen What would be the gross profit based on Bastech's most current trial balance as shown below? Cost of Goods Sold Income tax expense Operating expenses Other revenues Sales Sales discounts A) $588,000 B) $568,000 C) $1,002,000 PL $244,000 $ 434,000 67,200 344,000 20,000 1,026,000 24,000 1 8 9 18 12 21 15 Listen On August 5, Michaels Ltd. sells goods for $1,500 and the cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned. Which of the following is correct? A) credit to Estimated Inventory Returns for $215 B) debit to Accounts Receivable for $400 C) credit to Inventory for $215 D) credit to Refund Liability for $400 Question 47 (1 point) Listen 4 re 2: 11 #1 14 8 S 12 11 15 15 In periods of falling prices A) the average cost formula will result in a lower ending inventory valuation than the FIFO cost formula. OB) FIFO will result in a higher ending inventory valuation than the average cost formula. OC) FIFO will result in a higher cost of goods sold than the average cost formula. OD) the average cost formula will result in a higher cost of goods sold than the FIFO cost formula. 18 Question 48 (1 point) 4) Listen Which method is required by the Canada Revenue Agency (CRA) when determining depreciation for income tax purposes? 5 8 9 ze 2: 11 14 www 12 21 15 sten Which method is required by the Canada Revenue Agency (CRA) when determining depreciation for income tax purposes? OA) Double-Declining B) Percentage allocation OC) Capital Cost Allowance (CCA) D) Capital Asset Allocation Previous Page Next Page 18 18 Submit Test 0 of 48 questions saved Browser Webc Page 5 of 5