Question 17,18,19, 20, 21

17. A business starts trading on 13 September 2019. During the year, it has sales of $500,000, purchases of $250,000 and closing inventory of $75,000. What is the gross profit for the year? $175,000 b. $250,000 $325,000 $675,000 C. 18. Obligations not expected to be paid within one year are reported as: b Current Assets Operating liabilities Long Term liabilities Current liabilities 19. Following the same accounting procedures in the same way in each accounting period is: Sa. Matching Expenses with Revenue b . Accounting Period Cycle c. Consistent Reporting d. Going Concern 20. Which of the following is not an enhancing qualitative characteristic of the conceptual framework? a. Comparability b. Verifiability c. Relevance d. Timeliness 21. Cree Butterfield is employed by ABC Company and her compensation is as follows: Gross Pay................. ... ... $950 per week Deductions: Social Insurance................. $60.40 per week Payroll Tax................. .. 6.75% of gross Medical Insurance.................. $87.00 per week Dain's Net Pay would be: a. $802.26 b. $738.48 C. $535.00 d. $211.52