Giant Toy Trucks Inc. pays their employees every 14 days (bi-weekly). Giant Toy Trucks Inc. employs 14 employees who each earn $160 per day. The last pay period for which employees were paid was December 10th-December 23rd, year 3. Ignoring income tax withholdings and other accruals, the adjusting entry for Salaries payable for the year ended December 31, year 3 would be: Select one: a. Dr Salaries Expense 31,360 / Cr Cash 31,360 b. Dr Salaries Expense 31,360 / Cr Salaries Payable 31,360 c. Dr Salaries Expense 1,280 / Cr Salaries Payable 1,280 d. Dr Salaries Expense 17,920 / Cr Salaries Payable 17,920 At the end of Year 2, DD Co. had 2 products of hockey sticks in inventory at the following costs: Whippy Whip- $5,000 and Rock Solid - $6,200. After the end of the season and some negative reviews regarding the Rock Solid stick, DD Co. investigated what the NRV (net realizable value) of their products were. They discovered that for their remaining inventory they could realize $6,500 for the Whippy Whip and $2,500 for the Rock Solid. At what amount should the inventory be reported on the December 31, 2018 statement of financial position? Select one: a. $11,200 b. $7,500 c. $9,000 d. $12,700 Which one of the following statements is correct? Select one: a. A statement of cash flows displays cash inflow and outflow balances of a business for at a specific point of time b. A statement of owner's equity is typically prepared before an income statement c. An income statement summarizes revenues and expenses over an accounting period d. A balance sheet displays information concerning changes in assets, liabilities, and owner's equity over an accounting period e. Both an income statement and a statement of owner's equity summarizes financial results for a specific point of time