Question 6 10 pts The financial statements for Flinders Company show the following: Cost of goods sold $1,450,000 Gross Profit $1,750,000 Merchandise Inventory Accounts Receivable Accounts Payable Taxation Payable Beginning Balance $90,000 $ 106,000 $74,000 $30,000 Ending Balance $112,000 $100,000 $84,000 $34,000 Using the information above, the cash paid for inventory is: $1,466,000 $1,472,000 $1,462,000 $1,428,000 Question 8 10 pts A contingent liability that is "almost certain to occur", the amount of which "can be estimated reliably" (select the best answer): must be recorded and reported as a liability. does not need to be recorded or reported as a liability. must only be disclosed as a note to the financial statements. must be reported as a liability, but not recorded. Question 9 10 pts Which of the following statements is true? Afinance lease is generally a shorter-term lease. An operating lease is generally a longer- term lease that essentially represents the purchase and financing of an asset. An operating lease requires the lessee to record both the asset and liability equal to the present value of the lease payments. None of the options given above are true