Which of the following statements is false?
a. Checks and deposit slips are the main source of documents backing up the bank statement.
b. Retailers use cash register tapes to recognize sales.
c. Stock certificates are evidence of being a creditor of the company.
d. Time cards are used as the source of information to record wages.
c
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Indirect labor costs are those costs to transform raw materials into a finished product
a. True b. False Indicate whether the statement is true or false
Which of the following is a positive consequence of conflict in an organization?
A. It provides a healthy distraction from work. B. It eliminates hostility and aggressive behavior. C. It leads to decentralization of organizational structure. D. It leads to the generation of new ideas.
Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:?Beginning inventories:??? Raw materials$33,000?? Work in process$20,000?? Finished goods$35,000??Estimated total manufacturing overhead at the beginning of the year$567,000??Estimated direct labor-hours at the beginning of the year36,000 direct labor-hoursResults of operations:?Raw materials purchased on account$497,000??Raw materials (all direct) requisitioned for use in production$452,000??Direct labor cost$591,000??Actual direct labor-hours45,000 direct labor-hours?Manufacturing overhead:??? Indirect labor cost$124,000?? Other manufacturing overhead costs
incurred$598,000??Cost of goods manufactured$1,557,000?Required:a. What is the ending balance in Raw Materials?b. What is the ending balance in Work in Process? What will be an ideal response?
Rebecca is a limited partner in the RST Partnership, which is not publicly traded. Her allocable share of RST’s passive ordinary losses from a nonrealty activity for the current year is ($60,000). Rebecca has a $40,000 adjusted basis (outside basis) for her interest in RST (before deduction of any of the passive losses). Her amount “at risk” is $30,000 (before deduction of any of the passive losses). She also has $25,000 of passive income from other sources. She has no business losses for the year from other sources. How much of her ($60,000) allocable RST loss can Rebecca deduct on her current-year tax return?
A. $25,000 B. $30,000 C. $40,000 D. $60,000