The journal entry to record paying the payroll liabilities would be as follows:

Question 42 options:

a)	debit cash, credit accounts payable

b)	debit each of the payable accounts, credit accounts payable

c)	debit cash, credit each of the payable accounts

d)	debit each of the payable accounts, credit cash

The purpose of the statement of cash flow is:

Question 46 options:

a)	to identify the uses of cash

b)	to identify the sources and uses of cash

c)	to identify the profits of the business generated from cash

d)	to identify the sources of cash

Which of the following ratios requires information from both the income statement and balance sheet?

Question 49 options:

a)	Debt to equity

b)	Return on Equity

c)	Gross profit margin

d)	Current ratio

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 51 options:

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

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

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

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

On December 1, Scotch Company purchased $15,000 of inventory, terms 2/10, n/30. On December 5, the entity returned goods that cost $1,500. On December 11, the entity paid the supplier. On December 11, what account should be credited?

Question 52 options:

a)	Merchandise Inventory for $300

b)	Merchandise Inventory for $270

c)	Purchase discount for $270

d)	Purchase discount for $300

Products in a store consist of the following: 200 units on hand in January 1, 2019 at a cost of $150 each. On April 3, it purchased 300 units at a cost of $175 each and an additional of 500 units at $200 each on October 1. The entity sold 400 units on November 25 and 400 units on December 10. What is the weighted average cost of the inventory on December 31, 2019?

Question 53 options:

a)

$40,000

b)

$73,000

c)

$36,500

d)

$35,000

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 54 options:

a)

8.57

b)

7.50

c)

9.00

d)

6.00

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

Balance per book: $80,000

Bank charges: $200

Outstanding cheques: $19,000

Outstanding deposits: $24,000

Customers note collected by bank: $30,000

Interest on customer note: $1,200

Customer check returned NSF: $5,000

Depositor's note charged to account: $20,000

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

Question 55 options:

a)

$80,000

b)

$86,000

c)

$106,000

d)

$85,000

In preparing the August 31, 2019 bank reconciliation, Charm Company has made available the following information:

Balance per bank statement: $36,100.00

Outstanding deposits: $6,500.00

Return of customer's cheque for insufficient fund: $1,200.00

Outstanding cheques: $5,500.00

Bank service charge for August: $200.00

On August 31, 2019, what is adjusted cash in bank?

Question 56 options:

a)

$35,100

b)

$37,100

c)

$35,900

d)

$35,700

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

Given the problem above, calculate the employer's contributions to employee benefits.

Question 57 options:

a)

$1,925

b)

$475

c)

$1,960

d)

$510

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 58 options:

a)

$3,275

b)

$3,075

c)

$3,040

d)

$3,250

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 59 options:

a)

3.00

b)

3.63

c)

2.19

d)

2.25

A company has Cash of $10,000, Accounts Receivable of $2,000, Inventory of $3,000, Long-Term Assets of $40,000, Accounts Payable of $5,000 and a Long-Term Bank Loan of $50,000. Calculate the company's current ratio.

Question 60 options:

a)

2.4

b)

3.0

c)

1.0

d)

10.0

Last Question: how would an NSF cheque received from a customer be recorded on a bank reconciliation? Journal entry (Dr/Cr)