167. ABC sold inventory for $1,200 that was purchased for $700. ABC records which of the following when it sells inventory using a periodic inventory system?
     1. Debit Cost of Goods Sold $700; credit Inventory $700.
     2. No entry is required for cost of goods sold and inventory.
     3. Debit Cost of Goods Sold $1,200; credit Inventory $1,200.
     4. Debit Inventory $700; credit Cost of Goods Sold $700.

Accounts Payable	$4,400
Salaries Expense	12,800
Cash	1,700
Common Stock	2,400
Service Revenue	8,300
Supplies	4,300
Retained Earnings	1,100
Utilities Expense	5,000

187) How many of these accounts would appear in a year-end balance sheet?

A) Five. B) Four. C) Two. D) Three.

188. Of the following, the most important objective for financial accounting is to provide information useful for:
     1. Predicting cash flows. B) Determining taxable income.

C) Providing accountability. D) Increasing future profits.

189. For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense.
     1. True B) False

190. ABC reports dividends per share of $1.40 and net income for the year of $150,000. The current stock price is $40.00. What is ABC' dividend yield?

A) 4.0% B) 3.5% C) 26.7% D) 1.2%