11.

Cendant Corporation's results for the year ended December 31, 2018, include the following material items:

Sales revenue	$	6,220,000
Cost of goods sold		3,800,000
Selling and administrative expenses		1,260,000
Loss on sale of investments		200,000
Loss on discontinued operations		491,000
Loss on impairment from continuing operations		62,000

Cendant Corporation's income from continuing operations before income taxes for 2018 is:

Multiple Choice

a. $956,600.

b. $898,000.

c. $960,000.

d. $407,000.

12.

Schneider Inc. had salaries payable of $61,000 and $90,600 at the end of 2017 and 2018, respectively. During 2018, Schneider recorded $620,300 in salaries expense in its income statement. Cash outflows for salaries in 2018 were:

Multiple Choice

a. $590,700.

b. $529,700.

c. $649,900.

d. $620,300.

13.

Howard Inc. had prepaid rent of $77,000 and $84,000 at the end of 2017 and 2018, respectively. During 2018, Howard recorded $242,000 in rent expense in its income statement. Cash outflows for rent in 2018 were:

Multiple Choice

a. $235,000.

b. $242,000.

c. $249,000.

d. $256,000.

14.

Martel Co. had supplies of $27,000 and $39,000 at the end of 2017 and 2018, respectively. During 2018, Howard paid $134,000 for supplies. Supplies expense in the 2018 income statement was:

Multiple Choice

a. $122,000.

b. $134,000.

c. $146,000.

d. $110,000.

15.

Stinley Co. paid utilities of $144,000 during 2018. At the end of 2018, utilities payable equals $40,000 and utilities expense equals $165,000. What was the balance of utilities payable at the beginning of 2018?

Multiple Choice

a. $42,000.

b. $19,000.

c. $40,000.

d. $21,000.