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Just a few multiple choice question, please give me the answer as soon as possible. Thank you. Will give you a positive rating without hesitance.
Just a few multiple choice question, please give me the answer as soon as possible. Thank you. Will give you a positive rating without hesitance.
Question 1 Company A decides to purchase a machinery for production of electrical components. The following information are available: 1 Jan: Company A paid $20,000 for the purchase of the machinery 5 Jan: Company A signed a three-year maintenance contract worth $7,200 for the machinery 12 Jan: Company A paid $500 for the transport of the machinery to the factory for production 31 Jan: Company A paid $1,200 for the utilities incurred for operating the machinery What is the value for the machinery to be included in Company A's balance sheet? A. $20,000 B. $22,400 C. $20,500 D. $22,900 E. $28,900 Question 2 An adjusting entry could be made for each of the following except: A. Prepaid expenses. B. Owner withdrawals. C. Depreciation. D. Unearned revenues. E. Accrued revenues. Question 3 John is in the business of buying and selling computers. John's financial year ends on 31 December. The following information was supplied. $ Number of computers 120 Inventory, 1 January 2020 220 000 Additional information 1 John buys goods on credit. His purchases during the year are listed below. 2020 Supplier Quantity $ March 31 Lazada 150 240 000 July 10 Shopee 90 184 000 October 1 Qoo 120 297 500 2 John uses the FIFO (First-In-First-Out) method of inventory valuation. 3 During the year, John sold 230 units of computers at $690 000. What is the value of the closing inventory at 31 December 2020? A. $545,500 B. $941,500 C. $396,000 D. $284,000 E. $444,000
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