Identify each of the following statements as related to either the

objective (O) of financial information or a qualitative (Q)

characteristic of accounting information:

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Identify each of the following statements as related to either the
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a . Information about business resources, claims to those resources,

and changes in them should be provided.

b . Decision makers must be able to interpret accounting information.

c . Information that is useful in making investment and credit

decisions should be furnished.

d . Accounting information must exhibit relevance and faithful

representation.

e . Information useful in assessing cash flow prospects should be

provided

D uri ng t h e y e ar , i n sur anc e i n t h e a mo unt o f $ 2 ,0 80 w a s p u r ch ase d. A t t h e e nd o f t h e y e a r ( D ece mbe r 3 1 ) , t h e a mou nt o f i n sur an ce s t il l u n ex pir ed w as $ 1 , 40 0. P r e pare t h e y e ar -e nd e n t ry i n j o u rn al f o r m t o r e co rd t h e a dju stm en t f or insu ran ce ex pen se for the ye ar . 3) D uri ng t h e m o n th o f A u gu st, d e pos its i n t h e a m oun t o f $ 2 ,20 0 w e re r ece ive d f o r s e rvic es t o b e p e r fo rmed . B y t h e e n d o f t h e m o n th, s e rvi ces i n t h e a m oun t o f $ 1 , 5 20 h a d b e en p e r f orm ed. P r e par e t h e n e ces sar y a dju stm en t i n j ourn al for m for Se rvic e R eve nu e a t t he e nd of th e m ont h. 4) L ing enf el ter C o r por ati on e x p eri enc ed a f i r e o n D e ce mb er 3 1 , 2 0 1 7, i n w hic h i ts f i n anc ial r e co rds w e r e p art ial ly d e st roy ed. I t h as b e e n a bl e t o s a lv age s o me o f t h e r e c ord s a n d h a s a s c ert ain ed t h e f o ll owi ng b ala nce s. De c . 31 , 2 017 D ec . 31 , 201 6 C ash $ 3 0,0 00 $ 10 ,00 0 A cc o unt s rec eiv able (n et) 72, 500 1 26, 000 I nve nto ry 20 0,0 00 1 80, 000 A cco unt s pay abl e 5 0,0 00 90, 000 N ote s p ay abl e 3 0,0 00 60, 000 C omm on st ock , $ 100 par 40 0,0 00 4 00, 000 R eta ine d ear nin gs 11 3,5 00 1 01, 000 A ddi tio na l i nfo rmat ion : 1. T he inv en tor y t urno ver is 4 .5 tim es. 2. T he r e t ur n o n c o mm on s t o ck hol der s’ e qui ty i s 1 6 % . T h e c o mpa ny h a d n o a ddi tio na l p aid -in cap ita l. 3. T he acc ou nts re ceiv abl e t ur nov er is 8 .8 tim es . 4. T he ret ur n o n a sset s i s 1 2. 5%. 5. T ota l a ss ets at Dec emb er 31 , 2 016 , we re $65 5, 000 . I nstr uct ion s Co mp ute t he fol lowi ng for L ing enf elte r C orp or ati on. a) C ost of g ood s s old for 20 17 . b) N et sal es (c red it) for 20 17 . c) N et inc om e f or 2017 . d) T ota l a ss ets at Dec emb er 31 , 2 017 .

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