Can someone please answer these questions for my finance test

31. Walter sells goods to Ninevah with a list price (exclusive of sales tax) of $4,300 offering a 4 % trade discount. Sales tax is 20%.

What amount should be recorded for this transaction in the sales account (to the nearest $1)?

a) $4,850

b) $4,128

c) $5,053

d) $3,513

32.Which of the following statements regarding sales tax in the trial balance is true?

a) Output tax and input tax are debit balances

b) Output tax and input tax are credit balances

c) Output tax is a credit balance and input tax is a debit balance

d) Output tax is a debit balance and input tax is a credit balance

33. Which of the following items is a current liability?

a) Bank overdraft

b) Prepaid salaries

c) Depreciation

d) Receivables

34. Sallys balance in her cash book is $160 debit. However, the bank statement shows a different amount. On investigation, Sally

discovered the following;

1. A cheque that Sally paid into the bank for $40 is still outstanding

2. A cheque for $60 paid by Sally to Molly has not yet been presented

3. Sally has forgotten to record a cash withdrawal of $30

4. When sally inspects her bank statement she sees that the bank has deducted charged of $15 from her account

What is the balance on Sally bank statement?

a) $95

b) $135

c) $185

d) $225

35. Avalon gives his customers individual trade discounts from the list price and a general 5 % cash discount for all invoices settled

within seven days of issue. A new customer, Nolava, negotiates a 25% trade discount. His transactions during June are:

12 June Buys goods with a $5,000 list price

15 June Return goods with a $1,000 list price as faulty

16 June Pays half of the net balance on his account

How much does Nolava owe Avalon at the end of June?

a) $1,425

b) $1,500

c) $2,000

d) $2,850

36. Richard has a balance of $350,000 on his payable ledger control account at the end of May.

What does this mean?

a) He has bought $350,000 of goods in May

b) He is owed $350,000 by his customers

c) He owes $350,000 to his suppliers

d) He has paid $350,000 to his suppliers in May

37. Melanie is a sales tax registered trader. Her purchases day book shows purchases of $2,000 net of sales tax at 20%

What double entry will Melanie post at the end of her days trading?

a) Dr Purchases $2,000 Cr Payables $2,000

b) Dr Purchases $2,400 Cr Payables $2,400

c) Dr Payables $2,400 Cr Purchases $2,000 Cr Sales tax $ 400

d) Dr Purchases $2,000 Dr Sales tax $ 400 Cr Payables $2,400

38. Seb packs goods on an assembly line. He is paid a different amount each week, depending on his output of assembled goods

By what method of remuneration is Seb paid?

a) Piecework

b) Commission

c) Hourly rate

d) Salaried

39. The following ledger balances make up a companys trial balance?

$

Sales $76,700

Purchases $26,800

Non- current assets $31,400

Payables $18,200

Receivables $32,300

Cash at bank $14,200

Capital $ 9,800

What is the total of the debit column of the trial balance?

a) $94,900

b) $104,700

c) $105,900

d) $209,400

40. Susan is a computer equipment dealer. She uses the following coding system for her financial transactions;

1st number 2nd number

100 purchases 300 cash

200 sales 400 payables

500 receivables

Danielle buys computer equipment worth $2,000 on credit from Susan

Which of the following would be the code recorded on the voice issued by Susan?

a) 100300

b) 100400

c) 200300

d) 200500