Which of the following statements regarding net income transferred to retained earnings is correct?
A) Net income = net income transferred to retained earnings - dividends
B) Net income transferred to retained earnings = net income + dividends
C) Net income = net income transferred to retain earnings + dividends
D) Net income transferred to retain earnings - net income = dividends
C
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The entry to close Cost of Goods Sold includes
a. debiting Income summary and crediting Cost of Goods Sold. b. debiting Cost of Goods Sold and crediting Income Summary. c. debiting Retained Earnings and crediting Cost of Goods Sold. d. debiting Cost of Goods Sold and crediting Retained Earnings.
The point of purchase model calculates the materials price variance using the quantity of materials purchased
Indicate whether the statement is true or false
Overhead was estimated to be $250,000 for the year along with 20,000 direct labor hours. Actual overhead was $225,000, and actual direct labor hours were 19,000. The amount debited to the manufacturing overhead account would be:
A. $225,000. B. $237,500. C. $213,750. D. $250,000.
When a multiple-column subquery is included in the outer query's WHERE clause, the column names listed in the WHERE clause must be in the same order as they're listed in the subquery's SELECT clause
a. True b. False Indicate whether the statement is true or false