57. During 2016, Hinman, Inc. had net sales of S10,940,000 and net income of S1,620,000. Total assets were S9,200,000 at January 1, 2016 and S10,800,000 at December 31, 2016 Hinman's asset turnover for 2016 is: A) B) C) D) 1.160 0.150 0.162 1.094 75. What effects would the accrual of S160 of interest on a note payable have on financial statements? I.Balance sheet: II. Income III Balance sheet: IV.Balance sheet: V. Balance sheet: Liabilities are decreased by S160 Expenses are increased by S160 Retained earnings are decreased by S160 Cash assets are decreased by $160 Liabilities are increased by S160 statement: A) B) C) D) I, II and III II, III and V II, IV and V II, III and IV 80. Which of the following is a contingent liability? A) B) C) D) Notes payable Credit guarantees Income tax payable Excise tax payable 84. A current liability is an obligation that requires the use of an existing asset or the creation of another current liability: A) B) C) D) Within the coming year or the operating cycle, whichever is shorter Within the coming year or the operating cycle, whichever is longer Within the coming year Within the next operating cycle