Answer:
C
Explanation:
C, a department store.
Answer:
A
Explanation:
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In any industry, ethical behavior is the responsibility of ______.
Answer:
In any industry, ethical behavior is the responsibility of each employee
Answer:
each employee
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Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is:
Question Completion:
Chavez Corporation reported the following data for the month of July: What is the cost of goods manufactured for July?
Inventories: Beginning Ending
Raw materials $29,000 $31,000
Work in process 17,000 19,000
Finished goods 33,000 48,000
Additional information:
Raw materials purchases $67,000
Direct labor cost $92,000
Manufacturing overhead cost incurred $60,000
Indirect materials included in manufacturing
overhead cost incurred $8,400
Manufacturing overhead cost
applied to Work in Process $59,000
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
The cost of goods manufactured for July is:
A) $205,600
B) $218,600
C) $207,600
D) $219,600
Answer:
Chavez Corporation
Cost of Goods Manufactured for July is:
A) $205,600
Explanation:
T-accounts as workings:
Raw materials
Account Titles Debit Credit
Beginning balance $29,000
Purchases 67,000
Work in Process $56,600
Manufacturing overhead 8,400
Ending balance $31,000
Totals $96,000 $96,000
Work in Process
Account Titles Debit Credit
Beginning balance $17,000
Raw materials 56,600
Direct labor cost 92,000
Overhead applied 59,000
Finished Goods $205,600
Ending balance $19,000
Totals $224,600 $224,600
Finished Goods
Account Titles Debit Credit
Beginning balance $33,000
Work in Process 205,600
Cost of Goods Sold $190,600
Ending balance $48,000
Totals $238,600 $238,600
Manufacturing Overhead
Account Titles Debit Credit
Cash $51,600
Raw materials 8,400
WIP: overhead applied $59,000
Cost of Goods Sold 1,000
Totals $60,000 $60,000
Cost of Goods Sold
Account Titles Debit Credit
Finished Goods $190,600
Manufacturing overhead 1,000
Income Statement $191,600
Total $191,600 $191,600
Master Bakery is specialized in making wedding cakes. Customers are always required to pay a deposit equal to the full purchase price when they place orders. During the month of September 2013, Master Bakery received $34,000 in customer deposits. The balance in its Deferred Revenue account was $14,000 at September 1, 2013 and $16,000 at September 30, 2013. How much revenue did Master Bakery recognize during the month of September 2013?
Answer: $32,000
Explanation:
Based on the information given in the question, the revenue that Master Bakery will recognize during the month of September 2013 will be:
= $34,000 + $14,000 - $16,000
= $48,000 - $16,000
= $32,000
The following information is available for Birch Company at December 31: Money market fund balance $ 2,810 Certificate of deposit maturing June 30 of next year $ 15,200 Postdated checks from customers $ 1,525 Cash in bank account $ 22,631 NSF checks from customers returned by bank $ 670 Cash in petty cash fund $ 220 Inventory of postage stamps $ 20 U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 10,200 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of:
Answer:
$35,861
Explanation:
Calculation for the Cash and Cash Equivalents on December 31 using this formula
Cash and Cash Equivalents = Money Market Fund Balance + Cash in Bank account + Cash in Petty Cash Fund + U.S. Treasury Bill
Let plug in the formula
Cash and Cash Equivalents = $2,810 + $22,631 + $220 + 10,200
Cash and Cash Equivalents = $35,861
Therefore the Cash and Cash Equivalents on December 31 will be $35,861
A business should report the least favorable figures in the financial statements when two or more possible options are presented. b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company. c. A business should use the same accounting methods and procedures from period to period. d. A company must perform strictly proper accounting only for items that are significant to the business's financial situation.
Answer:
Conservatism
b. Disclosure Principle
c. consistency principle
d. Materiality Concept
Explanation:
The materiality principle states that accounting principles can be violated only if the amount been considered is small enough that the financial statements will not be misleading
Conservatism states that when uncertainty exists and there is doubt between reasonable alternatives for recording an item, pick the least less favourable outcome.
The disclosure principle states that a company should provide all the necessary information so that users of financial information can make informed decisions regarding the company.
The consistency principle states a firm should use the same accounting principles from period to period.
A major purpose of a cost accounting system is to _____
Answer:
Explanation:
The main objective of cost accounting are ascertainment of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and cost reduction, ascertaining the profit of each activity, assisting management in decision making process.
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