Rachel's Recordings reported net income of $290,000. Beginning balances in Accounts Receivable and Accounts Payable were $20.000 and $22,000 respectively, Ending balances in these accounts were $9.500 and $28.000, respectively. Assuming that all relevant information tras been presented. Rachel's net cash flows from operating activities would be: Multiple Choice 5300,500 $290,000 $306 500 $273.500 Assume that on July 1, 2021. Togo's Sandwiches issues a $2.97 million, one-year note. Interest is payable at maturity. Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Interest Expense 1 2 3 4 Interest Rate Fiscal Year End 7) December 31 9 % September 30 4 % October 31 7% January 31 Decorative Concrete produces a concrete overlay for residential and commercial concrete flooring Customers have complained that one of the products results in excessive cracking The likelihood the company will incur a loss on this product is probable and the amount of the loss is estimated to be somewhere between $1.8 and $5 million 1. Should this contingent liability be reported, disclosed in a note only, or both? O To be reported O to be disclosed O Both 2. What loss, if any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions.) Los to be reported 3. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions.) Liity to bo uported A Watatu Wanu chritheranda 16 nn ann le rannar fara noriular trencarian lavan calor "No lumnal Ener 4. What entry, if any, should be recorded? (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions.) View transaction list Journal entry worksheet Record the contingent liability if needed Note: Enter debits before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal