26. Cineo Enterprises has the following: Date Description Goods Available 1/1 Beginning Balance 100 10 $ 1,000 4/3 Purchase 5/5 Purchase 6/6 Purchase 450 350 200 1,100 12 14 15 5,400 4,900 3,000 14,300 GAFS If Cineo Enterprise has 50 units on hand at December 31, the cost of the ending inventory under the periodic FIFO method is a. $890 b.$780 e. $760 d. $750 27. Hoo Ya Corporation issued a one-year, 10%. $200,000 note on August 31, 2016. Interest expense for the year ended December 31, 2016 was a. $6,554. b. $6,667 c. $6,758. d. $7,254 28. The two fundamental qualities of useful information are a. verifiability and timeliness. b. relevance and faithful representation. e comparability and flexibility d. understandability and consistency 29. Characteristics associated with relevant accounting information are a. comparability and timeliness. b. predictive value and confirmatory value. c. neutral and verifiable. d. consistency and understandability 30. A business pays weekly salaries of $35,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Wednesday is a. debit Salaries and Wages Payable, $21,000; credit Cash, $21,000. b. debit Salaries and Wages Expense, $21,000; credit Cash, $21,000. c. debit Salaries and Wages Expense, $21,000; credit Salaries and Wages Payable, $21,000 d. debit Salaries and Wages Expense, $14,000; credit Salaries and Wages Payable, $14,000. ACCOUNTING 101 SPRING 2018 PAGE | 5