An important managerial accounting report is the budget, which predicts revenues and expenses.
Answer the following statement true (T) or false (F)
True
You might also like to view...
After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Sanchez, $20,000; Dorvinsky, $30,000; Davenport, $45,000 . Partners share profits and losses as follows: Sanchez, 20%; Dorvinsky, 30%; and Davenport, 50%. If Davenport retired
and withdrew $40,000 in settlement of his/her equity and settlements are allocated according to capital interests, the amount entered in Dorvinsky's capital account would be a a. $2,000 credit. b. $2,000 debit. c. $3,000 credit. d. $3,000 debit.
Sasha and Michelle form a partnership. Sasha contributes $16,000 cash and merchandise inventory with a current market value of $3000. While journalizing this transaction ________.
A) Merchandise Inventory will be credited for $3000 B) Merchandise Inventory will be debited for $3000 C) Merchandise Inventory will be credited for $13,000 D) Merchandise Inventory will be debited for $13,000
Which of the following is not a key type of evidence that the auditor needs to examine with respect to pensions and postemployment benefits?
a. Whether the actuarial firm hired by management is independent, capable, and objective. b. The appropriateness of the actuarial firm's work. c. The reasonableness of significant interest rate assumptions. d. The length of illnesses that pension recipients contract.
Ferrell, Inc used $213,000 of direct materials and incurred $111,000 of direct labor costs during the year
Indirect labor amounted to $8,100, while indirect materials used totaled $4,800. Other operating costs pertaining to the factory included utilities of $9,300; maintenance of $13,500; repairs of $5,400; depreciation of $23,700; and property taxes of $7,800. There was no beginning or ending finished goods inventory. The Work-in-Process Inventory account reflected a balance of $16,500 at the beginning of the period and $22,500 at the end of the period. Required: Prepare a schedule of cost of goods manufactured for Ferrell, Inc using the format below. Cost of Goods Manufactured Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead: Indirect Labor Used Indirect Materials Utilities Maintenance Repairs Depreciation Property Taxes Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured What will be an ideal response