ineo Enterprises has the following Date Goods Available t Unit Cost For Sale (S) Beginning Balance 100 1 Purchase 4/3 Purchase Purchase 450 350 12 14 1,000 5,400 4,900 6/6 GAFS 1,100 ending inventory under the periodic FIFO method is e has 50 units on hand at December 31, the cost of the a. $890 b. $780 e. $760 d. $750 expenserporation issued a one-year, 10%, s200000 note on August 31, 2016 Interest a. $6,554. b. $6,667 c. $6,758. d. $7,254 for the year ended December 31, 2016 was 28. The two fundamental qualities of useful information are a. verifiability and timeliness. b. relevance and faithful representation. c. comparability and flexibility. d. understandability and consistency. 29. Characteristics associated with relevant accounting information are a. comparability and timeliness. b. predictive value and confirmatory value. c. neutral and verifiable. d. consistency and understandability. The adjusting entry necessary at the end of the fiscal period ending on a Wednesday is a. debit Salaries and Wages Payable, $21,000; credit Cash, $21,000. b. debit Salaries and Wages Expense, $21,000; credit Cash, $21,000. c. debit Salaries and Wages Expense, $21,000; credit Salaries and Wages Payable, 30. A business pays weekly salaries of $35,000 on Friday for a five-day week ending on that day. $21,000. d. debit Salaries and Wages Expense, $14,000; credit Salaries and Wages Payable, $14,000. ACCOUNTING 101 SPRING 2018 PAGE | 5