What custom category was used to format cell A2 using the data in cell A1?
a) #,##0.00,
b) #,##0.00
c) #,###.00
d) #,##0,
e) #,##0
a) #,##0.00,
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Bertram, Inc. had beginning and ending accounts payable balances of $400 and $450, respectively. Inventory had beginning and ending balances of $450 and $425, respectively. All inventory purchases are made on account. If cost of goods sold equaled $350, how much cash was spent to purchase inventory?
A. $250 B. $275 C. $400 D. $350
Tim wrote a negotiable note. Subsequently, Tim's debts were discharged in bankruptcy. If a holder in due course presents the note for payment, Tim does not have to pay
a. True b. False Indicate whether the statement is true or false
When preparing the operating activities section of the statement of cash flows using the indirect method, decreases in current operating assets are subtracted from net income.
Answer the following statement true (T) or false (F)
Kroeker Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MillingCustomizingMachine-hours 17,000 12,000Direct labor-hours 1,000 9,000Total fixed manufacturing overhead cost$112,200$81,000Variable manufacturing overhead per machine-hour$1.70 Variable manufacturing overhead per direct labor-hour $4.30 During the current month the company started and finished Job T898. The following data were
recorded for this job: Job T898:MillingCustomizingMachine-hours 80 30Direct labor-hours 20 50The amount of overhead applied in the Customizing Department to Job T898 is closest to: A. $215.00 B. $119,700.00 C. $665.00 D. $450.00