7. a) Paige's payroll included social security tax withholding of $139.75 for the pay period. The journal entry to record this includes a credit to

		social security tax payable
		salaries expense
		cash
		social security tax expense

Burns Inc. purchased a mining site for $2,000,000 on January 1, 2019. The company expects to mine coal for the next 10 years and anticipates that a total of 1,000,000 tons will be recovered. During 2019, the company extracted 100,000 tons of coal. The depletion expense for 2019 is
$200,000

$400,000

$300,000

$1,000,000

c) The balance sheet of Vikings Suck, LLC has included the following information:

Cash $83,000

Accounts Receivable $37,000

Inventory $63,000

Accounts Payable $49,000

Notes Payable $150,000 (Long-Term Debt)

What is Vikings Suck, LLC's Current Ratio?

		3.73
		2.45
		0.92
		5.82

d) DJ Partners has current assets of $107,000 and current liabilities of $42,000. The current assets included inventory of $24,000. What would is their quick ratio?

		2.31
		1.98
		0.68
		2.55

Answer rating: 100% (QA)

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