Ragged Edge Arts uses a just-in-time (JIT) manufacturing environment. For the month of October, Ragged Edge Arts has completed $2,400 of quilts and paintings. The journal entry required to record the transfer to finished goods is ________
a. Raw and In Process Inventory 2,400
Accounts Payable 2,400
b. Finished Goods Inventory 2,400
Cost of Goods Sold 2,400
c. Finished Goods Inventory 2,400
Raw Materials Inventory 2,400
d. Finished Goods Inventory 2,400
Raw and In Process Inventory 2,400
d
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The accountant for Ella Company made the following errors related to the inventory in 2016: 1. The beginning inventory for 2016 was understated by $1,350 due to an error in the physical count. 2. A $1,500 purchase of merchandise in transit was not recorded as a purchase and was not included in ending inventory. ? Assuming a periodic inventory system, Ella Company's 2016 net income will be
A) understated by $150. B) overstated by $1,350. C) overstated by $1,500. D) overstated by $150.
Plough Corporation reports the following information: Net cash provided by operating activities $300,000 Average current liabilities 150,000 Average long-term liabilities 100,000 Dividends paid 80,000 Capital expenditures 140,000 Payments of debt 35,000 Plough's free cash flow is
a. $80,000 b. $105,000 c. $45,000 d. $10,000
When communicating with a person who is disabled, you should
A) be alert and sensitive because some disabilities are not visible. B) speak more slowly than usual and raise your voice for emphasis. C) make only the changes needed to comply with legal requirements. D) be attentive to addressing the individual's needs before you are asked. E) clarify the nature of the disability so that you can respond appropriately.
In an AP/CD process "establish payable" would normally be triggered by:
A. vendor invoice B. a purchase order C. a copy of the purchase order sent to the inventory process D. a vendor acknowledgment