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USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 28 – 30: Viktor’s Airport Concession Co. prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2024, Navorski reports the following: Sales revenue                                                                         $3,210,000 Cost of goods sold                                                                  $1,575,000 Gross profit                                                                             $1,635,000 Operating expenses (including $5,000 in depr. exp.)          .    $95,000 Net income                                                                              $1,540,000 In addition, the following balance sheet accounts changed during 2024: Decrease in accounts receivable  $915,000 Increase in prepaid rent                 $16,700 Increase in inventory                      $72,000 Increase in accounts payable        $108,000 Decrease in salaries payable         $8,000 QUESTION 30 –> What is the amount of cash payments for operating expenses reported by Navorski for the year ended December 31, 2024?

Pizza Planet had the following 2025 income statement: Sales revenue                                                                           $200,000 Cost of goods sold                                                                   $119,000 Gross profit                                                                               $81,000 Operating expenses (includes depreciation of $23,000)     $47,000 Net income                                                                               $34,000 In addition, the following balance sheet accounts changed during 2025: Accounts Receivable increased $12,000 Inventory increased $10,000 Accounts Payable increased $12,000 What amount of Net Cash Provided (Used) by Operating Activities will Pizza Planet for the year ended December 31, 2025?

USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 28 – 30: Viktor’s Airport Concession Co. prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2024, Navorski reports the following: Sales revenue                                                                         $3,210,000 Cost of goods sold                                                                  $1,575,000 Gross profit                                                                             $1,635,000 Operating expenses (including $5,000 in depr. exp.)          .    $95,000 Net income                                                                              $1,540,000 In addition, the following balance sheet accounts changed during 2024: Decrease in accounts receivable  $915,000 Increase in prepaid rent                 $16,700 Increase in inventory                      $72,000 Increase in accounts payable        $108,000 Decrease in salaries payable         $8,000 QUESTION 28 –> What is the amount of cash collections from customers reported by Navorski for the year ended December 31, 2024?

At the beginning of 2025, The Money Pit Construction Company changed from the cost-recovery method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. For years prior to 2025, pretax income under the two methods was as follows: percentage-of-completion $103,000, and cost-recovery $65,920. The tax rate is 20%. The adjusting journal entry to reflect this change, including the tax consequences, will include:

All of the following are counterbalancing errors except:

USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 25 –27: Miller Corp. hired unqualified accounting staff and discovered many errors. Indicate what adjusting entries are necessary to correct these errors, assuming the 2023 books have already been closed. QUESTION 25 –> At the end of 2023, $4,200 of Interest Revenue should have been accrued, but the staff forgot. In early January 2024, when the $4,200 in cash was received, Interest Revenue was credited. What adjusting journal entry will correct this error in 2024?

The Rockford Peaches agrees to lease a ballfield from Winnebago County on January 1, 2024 with the following terms: Ownership does not transfer to Rockford at the end of the lease. The fair value of the ballfield at commencement is $200,000. There is no bargain purchase option at the end of the lease. Assume that the lessor has alternative uses for the ballfield. The term of the lease is 10 years. The ballfield has an economic life of 30 years. The present value of all lease payments at the commencement of the lease is $90,000. First, perform the lease classification test to determine what type of lease this is. Then, based on the lease type, determine which of the following types of revenue(s) or expense(s) The Rockford Peaches will recognize in 2025 (i.e., what account titles will be used to record revenue and/or expense):

The \r expression in a regex matches a special non-printing character used to return the cursor to the beginning of the line.

Within the MVC structure, business logic and UI rendering are orchestrated by the component that handles incoming traffic and delegates responsibility. 

The bindValue() method in PDO is used to associate variables with placeholders in SQL statements.