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What is Misty's net income for the current year? a. $148 b. $168. C. $112. d. None of the amounts given are correct. Operating cash flows would exclude: a. Interest received. b. Interest paid. c. Dividends paid. D. Dividends received. Schneider Inc. had salaries payable of $60,000 and $90,000 at the end of 2015 and 2016, respectively. During 2016, Schneider recorded $620,000 in salaries expense in its income statement. Cash outflows for salaries in 2016 were: a. $590,000. b. $620,000. c. $650,000. d. $530,000. Cash equivalents would not include: a. Cash not available for current operations b. Money market funds c. U.S. treasury bills d. Bank drafts A contract does not exist for purposes of applying the revenue recognition principle in all of the following except for when: a. The seller believes it is not probable that it will collect the amount it's entitled under the contract. b. The seller and buyer did not sign a formalized written contract. c. The seller and buyer can terminate the contract without penalty and neither has performed any obligations under the contract. d. The seller believes it is highly likely buy not certain that the buyer will agree to the terms of the contract. Jones enters into a contract offering variable consideration. The contract pays $1,000/month for six months of continuous consulting services. In addition, there is a 60%chance the contract will pay an additional $2,000 and a 40% chance the contract will pay an additional $3,000 depending on the outcome of the consulting contract. Jones concludes that this contract qualifies for revenue recognition over time. Assume Jones Estimates variable consideration as the expected value. What is the amount of revenue Jones would recognize for the first month of the contract? a. $1,000 b. $1, 333 c. $1, 400 d. $1, 200