Please show your reasoning/math. Thank you!

5. Which of the following statements about the steps of the accounting cycle is INCORRECT? a) b) Adjusting entries are using to adjust the difference between accrual and cash basis accounting The order of preparing the statement of retained earnings and statement of income does not matter. There are three trial balances: unadjusted, adjusted, and post-closing trial balances. The statement of retained earnings is prepared before closing entries. None of the above. c) d) e) 6. Strongdosk. Inc. has current assets of $200,000 and current liabilities of $100.000. If the company uses $20.000 cash to pay accounts payable, its current ratio would: a) b) Improve. Worsen. Remain the same. The effect cannot be determined with this information. None of the above. e) 7. Which of the following account does NOT appear in closing journal entries? b) c) d) Deferred revenue. Cost of goods sold. Dividend. Retained earnings. Income tax expense. 8. An adjusting entry that expenses part of an insurance policy that was purchased earlier in the year is an example of a/an: a) b) Prepayment. Accrual. Recognition Revenue. Expense. d) e) 9. During the past year, Glanville Siding Company's assets increased $2,000, its liabilities decreased $1,000, its share capital increased $2.000, and its net income was $3,000. Dividends declared were: a) $1,000. b) $2.000. c) $3.000. d) $4.000 $5,000 For each of the following questions, select the best response by marking the identifying letter on the computer answer sheet. Marks are not deducted for incorrect responses. All questions have the same value. 1. The primary objective of financial reporting is to provide information a) Useful for making investment and credit decisions. b) About the profitability of the enterprise. c) On the cash flows of the company. To government tax authorities. To stock market regulators. Which of the following circumstances would result in a decrease in net income under the accrual basis but would not result in a decrease in net income under the cash basis? a) b) c) Purchase of inventory on account. Payment of two months' rent in advance. The expiration/use of prepaid rent. The return of defective supplies purchased on account, where full credit was given. The payment of the current period's utility bill. e) 3. Which of the following statements is false? a) b) c) d) e) A trial balance lists all the accounts with their current balances. A trial balance is the same as a statement of financial position. A trial balance can verify the equality of debits and credits. A trial balance can be taken at any time. All of the above are true. 4. Which of the following circumstances would result in the company accruing a liability? a) The company has unpaid property taxes for the following year. b) The company signs a contract under which it agrees to sell $6.000 of merchandise to a particular customer. c) The company has signed an agreement with its employees' labour union to increase salaries by $20.000 per month, beginning next month. d) The amount payable by the company for a television advertisement that has appeared but for which payment is not due for 30 days. All of the above. e)