Changes in securities prices are not important when measuring portfolio performance unless gains or losses are realized
Indicate whether the statement is true or false.
Answer: FALSE
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Issuance of stock results in cash inflows that appear in the financing section of the statement of cash flows
a. True b. False Indicate whether the statement is true or false
Evaluate the results to determine if the desired objectives were achieved in the established timeframe. This statement applies to which of the following steps involved in a systematic decision-making process?
a. Define the problem or challenge as clearly and concisely as possible. b. Determine the best decision-making tool to use. c. Evaluate each alternative solution. d. Monitor the results.
Bartlett Corporation, which began operations on January 1 of the current year, reported the following information:Estimated manufacturing overhead$600,000Actual manufacturing overhead639,000Estimated direct labor cost480,000Actual direct labor cost 500,000Total debits in the Work-in-Process account1,880,000Total credits in the Finished-Goods account920,000Bartlett uses a normal cost system and applies manufacturing overhead to jobs on the basis of direct labor cost. A 60% markup is added to the cost of completed production when finished goods are sold. On December 31, job no. 18 was the only job that remained in production. That job had direct-material and direct-labor charges of $16,500 and $36,000, respectively.Required: A. Determine the company's predetermined overhead rate.B.
Determine the amount of under- or overapplied overhead. Be sure to label your answer.C. Compute the amount of direct materials used in production.D. Calculate the balance the company would report as ending work-in-process inventory.E. Prepare the journal entry(ies) needed to record Bartlett's sales, which are all made on account. What will be an ideal response?
Which of the following statements about inventory costing methods is correct?
A. International Financial Reporting Standards (IFRS) allow the use of LIFO but not FIFO. B. A change in inventory method is allowed only if it improves the accuracy of the company's financial results. C. In the U.S., if a company uses LIFO on the income tax return, it may use a different method for financial reporting. D. During a period of rising prices, LIFO results in a higher income tax expense than does FIFO.