First things first, thanks for your answers! Only a few choice questions. Please give the answer as soon as possible. Then l will give you a positive rating without hesitance. Thank You!

Question 1 Which of the following is INCORRECT? Assets $ (A) 5,550 (B) 6,540 (C) 7,850 (D) 8,200 Liabilities $ 1,150 1,120 1,250 2,800 Capital $ 4,200 5,400 6,600 5,400 Question 2 Melissa is not registered for sales tax purposes. She has recently received an invoice for goods for resale which cost $500 before sales tax, which is levied at 20%. The total value was therefore $600.What is the correct entry to be made in Melissa's general ledger in respect of the invoice? A Dr Purchases $500, Cr Payables $500 B Dr Purchases $600, Cr Payables $600 Dr Purchases $500, Dr Sales tax $100, Cr Payables $600 D Dr Purchases $600, Cr Sales tax $100, Cr Payables $500 Question 3 In times of inflation, changing from a LIFO method of inventory valuation to a FIFO method is likely to A. B. C. D. Reduce reported profit Increase reported profit Have no effect on reported profit Have an unpredictable effect on reported profit