1. Bill's Pizza sold 2,543 pizzas for the month of July 2020 - all sales were/are in cash for this business. July sales totaled $50,481, with $3,600 sold so far in the month of August. Cost of goods sold averaged $17 per pizza in July. Other expenses in July were as follows: advertising $1,200, depreciation $1,000 and book keeping $500. Income tax rate is 15%. July's income tax was

2 points

$739

$683

$7,250

$4,190

2. Assets appear on the Balance Sheet in the following order

1 point

by date when originally acquired

by order of ability to turn into cash, with the most liquid first

by order of ability to turn into cash, with the most liquid last

by $ value, with the smallest first

3. For Company "Q", which manufactures refrigerators, the following actual costs/results for June 2020 were recorded: Rent: $5,000. Depreciation: $2,550. Units Manufactured & Sold: 850. Materials Used: $259,250. Manufacturing Labour Paid (on a "piecework" basis): $238,000, Office Overheads/Managers' Salaries: $17,000 Advertising: $4,250 Sale Price: $650 per unit. For the month of June, total revenue was

1 point

$552,500

$552,600

$553,500

$553,600

none of the answers are correct

4. For the year ended, Company X had Net Income of $50,000, increased it's inventories by $2,800 compared to last year, bought $9,000 of new equipment, had depreciation of $800, took out a loan for $2,000, paid off a $1,000 loan, sold $1,600 of old equipment. Company X had $500 in the bank at the beginning of the year. For the year Financing Activities

2 points

generated $1,000 of cash

generated $2,000 of cash

generated/used $0 cash

generated $200 of cash

5. True or false: Labour costs can be considered either fixed or variable, depending on the situation.

1 point

True

False