PLS DO ALL PLS

Joy Inc. purchased machinery on January 1, 2020 for $760,000. Management estimated its useful life to be 5 years and residual value to be $100,000. On December 31, 2020 the machinery was sold for $400,000.

If the declining balance method was used for depreciation, what was the total accumulated depreciation at the date of sale?

Question 9 options:

a)

$260,000

b)

$360,000

c)

$304,000

d)

$132,000

e)

$264,000

Atlantic Corp. uses the perpetual inventory system and the weighted-average inventory costing method. The company reported the following sales and purchase transactions in January:

Date	Transaction	Units	Unit Cost	Unit Sales Price
Jan. 1	Beg. inventory	50	$20
Jan. 3	Purchase	30	$24
Jan. 6	Sale	60		$40

What is the cost of sales for the month of January?

Question 15 options:

a)

$1,720

b)

$1,290

c)

$1,240

d)

$2,400

e)

$430

Owl Corp. completed its bank reconciliation for June and identified the following reconciling items:

$500 in outstanding cheques; and

$75 in bank service charges.

Which of the following entries must the company make in its accounting records?

Question 28 options:

a)	Dr. Cash 500; Cr. Accounts Payable 500

b)	Dr. Cash 75; Cr. Bank Charges Expense 75

c)	No entries are required.

d)	Dr. Bank Charges Expense 75, Dr. Accounts Payable 500; Cr. Cash 575

e)	Dr. Bank Charges Expense 75; Cr. Cash 75