Jared Beverage Corporation uses a process costing system to collect costs related to the production of its celery flavored cola. The cola is first processed in a Mixing Department and is then transferred out and finished up in the Bottling Department. The finished cases of cola are then transferred to Finished Goods Inventory. The following information relates to the company's two departments for the month of January: Mixing BottlingCases of cola in work in process, January 1 10,000 5,000 Cases of cola completed/transferred out during January 65,000 ? Cases of cola in work in process, January 31 4,000 7,000 How many cases of cola were completed and transferred to Finished Goods Inventory during January?
A. 63,000
B. 70,000
C. 58,000
D. 77,000
Answer: A
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Harrod Company paid $6500 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6500, and no adjustments had been made previously. The adjusting entry required on December 31 is:
A. Debit Prepaid Insurance, $3250; credit Insurance Expense, $3250. B. Debit Insurance Expense, $3250; credit Prepaid Insurance, $3250. C. Debit Insurance Expense, $1625; credit Prepaid Insurance, $1625. D. Debit Prepaid Insurance, $1625; credit Insurance Expense, $1625. E. Debit Cash, $6500; Credit Prepaid Insurance, $6500.
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A) net income is overstated, assets are overstated, owner's equity is understated B) net income is overstated, assets are overstated, owner's equity is overstated C) net income is understated, assets are understated, owner's equity is understated D) net income is understated, assets are understated, owner's equity is overstated
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What will be an ideal response?
An investment project is acceptable if the total cash received over the life of the project exceeds the
total cash spent over the life of the project. Indicate whether the statement is true or false