63. What is usually a better predictor of future cash flow to the firm?
    1. Past Income B) Past Cash Flows

64. Which of the following are made ONLY at year end (more than one possible correct answer)?
    1. Adjusting Entries B) Transaction Entries C) Closing Entries

65. ABC purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years.

Using the straight-line method, depreciation expense for 2018 would be:

A) $60,000. B) $11,000. C) $12,000. D) None of these.

66. ABC reports income tax expense of $800,000. Income tax payable at the beginning and end of the year are $50,000 and $70,000, respectively. What is the amount of cash paid for income taxes?

A) $800,000. B) $870,000. C) $780,000. D) $820,000.

Accounts Payable	$55,000
Land	$90,000
Inventory	$10,500
Accounts Receivable	$7,500
Equipment	$8,000
Deferred Revenue	$58,500
Short-term Investments	$20,000
Notes Receivable (due in 8 months)	$45,500
Interest Payable	$2,000
Patents	$75,000

70) What is the amount of long-term assets assuming the accounts above reflect normal activity? A) $342,500. B) $173,000. C) $273,500. D) $98,000.