Ringgold Company had beginning finished goods of $36,000. During the period, the company produced goods that cost $150,000. If the ending balance in the Finished Goods Inventory account was $24,000, the amount of cost of goods sold was:
A. $150,000.
B. $162,000.
C. $138,000.
D. none of these answers are correct.
Answer: B
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Which of the following is NOT true regarding "topside" journal entries used to commit financial statement fraud?
a. Upper management usually records the journal entry. b. Entries are recorded to subsidiary ledgers. c. The journal entry may be recorded after normal business hours. d. Entries often bypass the normal process for posting journal entries.
If the amount of materials on hand at the end of the period is less than the control account balance, the control account balance should be decreased by the following entry:
a. Debit - Work in Process Credit - Materials b. Debit - Materials Credit - Factory Overhead c. Debit - Materials Credit - Work in Process d. Debit - Factory Overhead Credit - Materials
In which of the following five aspects of network structure would you find the role of a gatekeeper?
A. flexibility B. visibility C. centrality D. criticality
Accounting is governed by the balance sheet equation, which shows the equality of
a. assets with liabilities plus shareholders' equity. b. assets plus liabilities with shareholders' equity. c. assets plus shareholders' equity with liabilities. d. assets with liabilities minus shareholders' equity. e. assets with shareholders' equity minus liabilities.