PLEASE HELP ME ANSWER THESE INVENTORY PROBLEMS

20. A company has Cash of $20,000, Accounts Receivable of $15,000, Prepaid Insurance of $1,000, Inventory of $12,000, Long-Term Assets of $10,000, Accounts Payable of $16,000 and a Long-Term Bank Loan of $50,000. Calculate its quick ratio.

Question 20 options:

3.00

2.19

3.63

2.25

19. Olson Bakers is determining the payroll amounts for the month ending June 30, 2019. Its employees earned a total of $5,000 in gross pay. Assume the following amounts:

Canada Pension Plan$212.5

Employment Insurance$87.5

Federal and Provincial Income Tax:$1,250

Health Insurance (employer contributes the same amount):$175

Union Dues:$200

Calculate the net pay to be paid to the employees.

Question 19 options:

$3,250

$3,040

$3,275

$3,075

18. During the audit of Exciting Company on December 31, 2019, the following data are gathered:

Cash Balance per general ledger:$80,000

Bank charges (per bank statement):$200

Outstanding cheques:$19,000

Outstanding deposits:$24,000

Customers note collected by bank (per bank statement):$30,000

Interest on customer note (per bank statement):$1,200

Customer check returned NSF (per bank statement):$5,000

What is the adjusted cash in bank on December 31, 2019?

Question 18 options:

$80,000

$106,000

$85,000

$86,000

17. Bolton Company has a beginning merchandise inventory of $500 and an ending merchandise inventory of$700. It has a total sales of $6,000 and a gross profit margin of 25%. Calculate the inventory turnover ratio.

Question 17 options:

7.50

9.00

6.00

8.57

16. A company sells $6,000 inventory on account to a customer. The inventory had a cost of $4,200. What would be the correct journal entry to record the sale?

Question 16 options:

Dr. Accounts Receivable $6,000, Cr. Sales $6,000, Dr. COGS $4,200, Cr. Inventory $4,200

Dr. Sales $6,000, Cr. Accounts Receivable $6,000, Dr. COGS $4,200, Cr. Inventory $4,200

Dr. Accounts Receivable $6,000, Cr. Sales $6,000, Dr. Inventory $4,200, Cr. COGS $4,200

Dr. Cash $6,000, Cr. Sales $6,000, Dr. COGS $4,200, Cr. Inventory $4.200