A lease is accounted for as a capital lease if the lease term is 75% or more of the property's economic life
a. True
b. False
Indicate whether the statement is true or false
True
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What are “I statements”? Create an “I” statement to address a friend who always cancels plans.
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Moreland Corporation manufactures bells and whistles. In June, 6,00 . bells were completed on Job Order No. BX46 . On final inspection, 400 bells were rejected and transferred to the spoiled goods inventory to be sold at $.50 each. Costs recorded on Job Order No. BX46 follow: Direct materials $2,400 Direct labor 2,100 Factory overhead 1,200 Prepare the journal entries to record the following:
a. Charges for materials, labor, and factory overhead for Job Order No. BX46 b. Cost of the spoiled work, the transfer of the cost of the good toys to Finished Goods, and the sale of the imperfect toys, if the loss on spoilage is charged to all jobs worked on during the period c. Cost of the spoiled work, the transfer of the cost of the good bells to Finished Goods, and the sale of the imperfect ones, if the loss on spoilage is to be charged to Job Order No. BX46 only. (Round the new unit cost to the nearest whole cent, and assume part b, above, has not occurred.)
Madhup operates a wholesale company that specializes in providing a wide variety of services to its customers, which are all restaurants. He carries a wide assortment of restaurant equipment and cookware. Madhup's business is a
A. mail-order wholesaler. B. rack jobber. C. general-line wholesaler. D. specialty-line wholesaler. E. limited-service wholesaler.
California Products employs a process-costing system for its manufacturing operations. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout production. The information that follows relates to September.?UnitsWork in process, September 1 (30% complete as to conversion)8,900Units started in September28,500Total units to account for37,400??Units completed during September29,700Work in process, September 30 (80% complete as to conversion)7,700Total units to account for37,400Required:A. Calculate equivalent units of direct material for September.B. Calculate equivalent units of conversion activity for September.
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