gollected during 20171 the following it S 30,800 69.800 280,400 y paid or cms paid 2. olam heen excerpted from Olsen's balance sheets December 31 2017 2,400 December 7,400 24,600 folloning S 3,000 5,800 21,200 Salaries and wages payable expense on the income statement for 2017 was )$234,600 B) $277,000 C) $283,800 D) $326,200 should be reported as a prior period adjustment? Mistakes in the Application of Lives Change im Yes A) B) C) D) No Yes Yes No No Co. has determined its December 31,2017 nventory on a FIFO basis a 980,00 Information pertaining to that inventory follows: Estimated selling price Estimated cost of disposal Normal profit margin Current replacement cost $1,020,000 40,000 120,000 Ryan records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, the loss that Ryan should recognize is A) S0 B) $20,000. C) $40,000. D) $80,000 24. The body that has th companies that fall under its jurisdiction is the A. FASB B. AICPA C. SEC. D. APB. e power to prescribe the accounting practices and standards to be employed by Page 6