To prepare financial statements at the end of the accounting period, the actual overhead cost for the period and the estimated overhead that was applied during the period must be reconciled in a job order costing system
Indicate whether the statement is true or false
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There is one set of ambient standards—maximum permissible levels of certain pollutants—and the Environmental Protection Agency formulates plans to achieve them
Indicate whether the statement is true or false
A franchisee can operate as an independent businessperson but still obtain the advantages of a national organization
Indicate whether the statement is true or false
The changes in Northrup Corporation's balance sheet account balances for last year appear below: Increases (Decreases)Asset and Contra-Asset Accounts: Cash and cash equivalents$4,000 Accounts receivable$(4,000)Inventory$(2,000)??Prepaid expenses$2,000 Long-term investments$40,000 Property, plant and equipment$25,000 Accumulated depreciation$68,000 Liability and Equity Accounts: Accounts payable$(6,000)Accrued liabilities$8,000 Income taxes payable$(8,000)Bonds payable$(70,000)Common stock$10,000 Retained earnings$63,000 The company's income statement for the year appears below:Income Statement?Sales$980,000Cost of goods sold 540,000Gross margin 440,000Selling and administrative expense 310,000Net operating income130,000Income taxes 39,000Net
income $91,000The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities.On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A. $384,000 B. $236,000 C. $310,000 D. $304,000
Long-term plans are defined as those with a time frame beyond ________.
A. seven years B. one year C. five years D. three years