ETG Inc, shipped and billed a heavy duty printer for $16,000 . The cost of manufacturing the printer was $12,000 . Which of the following would be one of the journal entries required to record this transaction?
a. Finished Goods 12,000; Work in Process 12,000
b. Cost of Goods Sold 12,000; Finished Goods 12,000
c. Accounts Receivable 12,000; Sales 12,000
d. Finished Goods 18,000; Sales 18,000
b
You might also like to view...
All of the following are stockholders' equity accounts except
A) Treasury Stock. B) Preferred Stock. C) Retained Earnings. D) Dividends Payable.
Why would a firm prepare pro forma financial statements?
a. to ascertain whether operations will generate sufficient cash flows to finance expenditures on long-term assets or whether the firm will need to borrow more b. to analyze the effect of a change its product lines or pricing policies and the impact on rates of return. c. to project future financial statement amounts for an acquisition target to ascertain the price it should pay d. all of the above e. none of the above
Which of the following is a factor that would motivate a rational buyer?
A) prestige B) nostalgia C) celebrity endorsement D) durability E) branding
Board meetings are typically held at regular intervals
Indicate whether the statement is true or false