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 verifiability and timeliness. a. b. relevance and faithful representation. c. 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