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6. Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $10,000 during the year to an ending balance of $66,000. What was supplies expense for Carolina Mills during the year? A) $300,000 B) $280,000. C) $260,000 D) $240,000. 7. Fink Insurance collected premiums of $18,000,000 from its customers during the current year. The adjusted balance in the Unearned premiums account increased from $6 million to $8 million dollars during the year. What was Fink's revenues from earned insurance premiums for the current year? A) $10,000,000. B) $16,000,000 C) $18,000,000 D) $20,000,000. 8. Shady Lane's income taxes payable account decreased from $14 million to $12 million during 2006. If its income tax expense was $80 million, what would be shown as an operating cash flow under the direct method? A) A cash outflow of $12 million. B) A cash outflow of $78 million. C) A cash outflow of $80 million. D) A cash outflow of $82 million. 9. [CONSTRUCTION CONTRACTS] Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Suppose that, in 2007, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in costs to complete the project. Using the percentage-of-completion method, Indiana: A) Recognized $3.75 million loss on the project in 2007. B) Recognized $5.25 million gross profit on the project in 2007. C) Recognized $7.5 million gross profit on the project in 2007. D) None of the above is correct. 10. [CONSTRUCTION CONTRACTS] JRE Inc. entered into a contract to install a pipeline for a faced price of $2,200,000.JRE uses the percentage-of-completion method of revenue recognition. 2005 2006 2007 Cost incurred $ 250,000 1,600,000 450,000 Estimated Cost to Complete $1,550,000 500,000 In 2007, JRE would report (rounded to the nearest thousand) gross profit (loss) of: A) $(100,000) B) $50,000. C) $ 123,000. D) $2,000. Use the following to answer questions 11-12: [CONSTRUCTION CONTRACTS] Arizona Desert Homes (ADH) constructed a new subdivision during 2014 and 2015 under contract with Cactus Development Co. ADH uses the percentage- of-completion method to recognize revenue. The contract amount was $3,000,000. Other relevant data are below: Cost incurred 2005 1,200,000 800,000 1,500,000 2006 600,000 400,000 1,500,000 Gross profit Contract billings 11. In its December 31, 2014 balance sheet, ADH would report: A) As a net asset, recognized revenues in excess of billings of $500,000. B) The liability, billings in excess of cost of $300,000. C) As a net asset, recognized revenues in excess of billings of $1,500,000 D) The asset, deferred profit of $ 400,000. 1,500,000 1,500,000 400,000 600,000 1,000,000 12. What would be the journal entry to record revenue in 2015? A) Accounts receivable Revenue for long-term contracts Construction in progress Cost of construction Revenue for long-term contracts C) Cost of construction Gross profit Revenue for long-term contracts Accounts receivable Cost of construction Gross profit Unearned revenue 2,000,000 1,000,000 3,000,000 1,500,000 600,000 600,000 300,000