The government agency that insures each depositor at a commercial bank, savings and loan association,
or mutual savings bank up to a loss of $100,000 per account ($250,000 for individual retirement accounts) is the Securities and Exchange Commission (SEC).
FALSE
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The percentage-of-completion method
a. recognizes a portion of the contract price as revenue during each accounting period of construction. b. bases the amount of revenue, expense, and income on the proportion of total work performed during the accounting period. c. measures the proportion of total work carried out during the accounting period either from engineers' estimates of the degree of completion or from the ratio of costs incurred to date to the total costs expected for the entire contract. d. all of the above. e. none of the above.
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 3 were $50,000,
$60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 3 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 3 during the period for direct materials is: A) Work in Process--Department 3 100,000Materials 100,000 B) Work in Process--Department 3 125,000Materials 125,000 C) Work in Process--Department 3 50,000Materials 50,000 D) Work in Process--Department 3 70,000Materials 70,000
During the month of March, Baker's Express purchased 10,000 pounds of flour at $1 per pound. At the end of March, Baker's Express found that it had a favorable materials price variance of $500. The standard cost per pound must be
A) $0.95 B) $1.00 C) $1.05 D) $1.95
Neef Corporation has provided the following financial data from its balance sheet and income statement: Year 2Year 1Total assets$1,302,000 $1,330,000 Total stockholders' equity$885,000 $880,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,420,000 Cost of goods sold 890,000 Gross margin 530,000 Operating expenses 493,000 Net operating income 37,000 Interest expense 17,000 Net income before taxes 20,000 Income taxes (35%) 7,000 Net income$ 13,000 The company's gross margin percentage for Year 2 is closest to:
A. 37.3% B. 59.6% C. 4076.9% D. 2.5%