Update meetings are also called status meetings or department meetings. _________________________
Answer the following statement true (T) or false (F)
True
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L. Lane received $12,000 from a tenant on December 1 for four months' rent of an office. This rent was for December, January, February, and March. If Lane debited Cash and credited Unearned Rental Income for $12,000 on December 1 . what necessary adjustment would be made on December 31?
a. Unearned Rental Income ............. 3,000 Rental Income .................... 3,000 b. Rental Income ...................... 3,000 Unearned Rental Income ........... 3,000 c. Unearned Rental Income ............. 9,000 Rental Income .................... 9,000 d. Rental Income ...................... 9,000 Unearned Rental Income ........... 9,000
The allowance method overcomes shortcomings of the direct write-off method because it
a. recognizes the loss from uncollectible accounts in the period in which the sale occurs and the firm recognizes revenue. b. reduces the opportunity to manage earnings each period by deciding when particular customers' accounts become uncollectible. c. reflects the amount a firm expects to collect in cash from the accounts receivable on the balance sheet. d. all of the above. e. none of the above.
Seattle Company issued a $24,000 face value discount note payable to First Federal Bank on September 1, Year 1. The note had a 4% discount rate and a one-year term.What is the carrying value of the liability appearing on the December 31, Year 1 balance sheet?
A. $23,360 B. $21,440 C. $24,000 D. $23,680
Barone Inc. uses a job order costing system with manufacturing overhead applied to products at a rate of 100% of direct labor cost. Treating each case independently, find the missing amounts for a through l: ?Case #1Case #2Case #3Direct materials used$20,000e.$10,000Direct labor$20,000f.i.Manufacturing overhead applieda.$30,000j.Total manufacturing costsb.$80,000$30,000Beginning Work in Process$10,000g.$4,000Ending Work in process$12,000$5,000k.Cost of goods manufacturedc.$79,000$28,000Beginning Finished Goods$12,000$15,000l.Ending Finished Goods$9,000h.$15,000Cost of goods sold (unadjusted)d.$81,000$26,000
What will be an ideal response?