Red Wings, Inc. maintains their accounting records on a cash basis. The following information is provided for 2017: 5 100 5 2 60 Decrease in Wages Payable from 1/4 to 12/31 Cash Collected from Customers 12/31 Accounts Receivable 12/31 Accounts Payable Cash paid to vendors 1/1 Accounts Payable 1/1 Accounts Receivable 12/31 Prepaid Insurance Cash Paid for Wages and Insurance 1/1 Prepaid Insurance N8 rougNaa Accrual basis 2017 Revenues are: Select one: O a. $100 O b. $105 O c. $92 O d. $97 O e $103 The following account balances normal balances) were taken from the journal entry used to transfer various merchandise amounts under a periodic inventory system into the Cost of Goods Sold account: Cost of Goods Sold Inventory (beginning) Freight-in Purchase Discounts Purchases Purchase Return $200,000 79.000 5.500 4,000 145.000 5.700 Based on the above facts, what was the ending inventory? Select one: O a $39,200 O b. $8,800 O c. $19,800 O d. $21,500 O e. $29,500 During the year, the Jackson Company reported a decrease in liabilities of $44,300. For the year, revenues were $138,100, expenses were $197,600, and dividends were $71,000. During the year. $37,000 in common stock was issued. There were no other changes in equity. What was the decrease in assets for the year? Select one: O a $49.200 O b. $123,200 O c. $211,800 O d. $137,800 O e. $69,800 The Piepon Corp. recorded the accrual of a revenue by debiting Interest Expense and crediting Accounts Payable. What is the effect of the error on Liabilities and Net Income, respectively? Select one: O a. No error, No error O b. Overstated, Understated O Understated, Overstated O d.Overstated, No error O e. No error, Understated The Taylor Company reported 2014 Final Net Income of $500. The tax rate is 20% The total income tax expense for 2014 is: Gion Select one: O a $83 O b. $100 O c. $125 O d. 5400 O e. $625 The Packard Compa