d The two primary decision-specific qualities that make accounting information useful are: Multiple Choice Verifiability and representational faithfulness. Cost effectiveness and materiality. Predictive value and feedback value. Relevance and faithful representation. Which of the following items would not be included as a cash flow from operating activities in a statement of cash flows? Multiple Choice Purchase of equipment. Collections from customers. Purchase of inventory. Interest on note payable. Martel Co. had supplies of $36,000 and $44,000 at the end of 2017 and 2018, respectively. During 2018, Howard paid $152,000 for supplies. Supplies expense in the 2018 income statement was: Multiple Choice $152,000. $160,000, $144,000. $136,000. Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $26,300 Bond payable, due 2027 23,300 Salaries payable 16,700 Note payable, due 2019 21,800 Note payable, due 2023- 41,900 What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet? Multiple Choice $106,700. $43,000. $64,800. Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable-trade Building and equipment Cash-checking Debit 696 Credit 923 43 Interest receivable 34 Inventory 23 Land 159 Notes receivable (long-term) Petty cash fund 478 6 Prepaid rent 23 Supplies 12 Trademark Accounts payable-trade 48 584 Accumulated depreciation Additional paid-in capital Allowance for uncollectible accounts Cash dividends payable Common stock, at par Income tax payable Notes payable (long-term) Retained earnings Deferred revenues TOTALS 71 484 15 22 10 60 850 327 22 2,445 2,445 What would Symphony report as total shareholders' equity? Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A with the item from List B that is most appropriately associated with it. List A 1. Expense recognition 2. Periodicity 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle List B In its first year of operations Best Corp. had income before tax of $420,000. Best made income tax payments totaling $136,000 during the year and has an income tax rate of 30%. What was Best's net income for the year? Multiple Choice $294,000. $297,000 $125,000 $284,000. The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $300,000; sales revenue, $950,000; cost of goods sold, $650,000; salaries expense, $190,000; rent expense, $45,000; and interest expense, $31,000. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 & BISER The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $300,000, sales revenue, $950,000; cost of goods sold, $650,000, salaries expense, $190,000, rent expense, $45,000; and Interest expense, $31,000 Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal X1415 7 0156:49 The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $300,000; sales revenue, $950,000; cost of goods sold, $650,000; salaries expense, $190,000; rent expense, $45,000; and interest expense, $31,000. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Note: Enter debits before credits. Transaction General Journal Debit Credit 10 Johnstone Controls had the following situations on December 2018. 0155 20 1. On March 31, 2018, the company lent $55,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2019. 2. On September 30, 2018, the company paid its landlord $14,400 representing rent for the period September 30, 2018, to September 30, 2019. 3. Supplies on hand at the end of 2017 totaled $1,820. Additional supplies costing $5,420 were purchased during 2018 and debited to the supplies account. At the end of 2018, supplies costing $3,320 remain on hand. 4. Vacation pay of $5,460 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries and wages expense. Prepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2018, fiscal year-end for each of the above situations. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet