Which types of inventories does a manufacturing business report on the balance sheet?
A) Finished goods inventory and work in process inventory
B) Direct materials inventory and work in process inventory
C) Direct materials inventory, work in process inventory, and finished goods inventory
D) Direct materials inventory and finished goods inventory
C
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On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $921. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?
A. $5,715. B. $5,770. C. $5,660. D. $4,794. E. $6,636.
The Responsible Company completed the following transactions involving investments during 2012. Purchased 20-year treasury bonds for $80,000 Sold available-for-sale securities (cost $80,000 ) for $100,000 Purchased trading securities for $55,000 Responsible uses the indirect method to prepare the operating activities section of the statement of cash flows. The following statements describe how
Responsible reported the cash flow effects of the transactions above on its 2012 statement of cash flows. Which of the following has been reported incorrectly by Responsible? A) Payments of $80,000 for 20-year treasury bonds were reported as a cash outflow in the operating activities section. B) Proceeds of $100,000 were reported as a cash inflow in the investing activities section. C) Payments of $55,000 for trading securities were reported as a cash outflow in the investing activities section. D) A gain of $20,000 on the sale of available-for-sale securities was deducted from net income in the operating activities section.
Austin writes programs for a living. He is happy with his company specifically because they allow him to work from anywhere where there is Internet access. He was able to work from home and even when he took his family on vacation. This scenario is an example of
a. Flextime b. Compressed workweek c. Job sharing d. Telecommuting
Use the following selected information from Wheeler, LLC to determine the 2018 and 2017 common size percentages for operating expenses using Net sales as the base. 2018 2017 Net sales$456,600? $372,200? Cost of goods sold 201,400? 133,880? Operating expenses 73,390? 70,730? Net earnings 37,060? 26,310?
A. 44.1% for 2018 and 36.0% for 2017. B. 28.0% for 2018 and 17.0% for 2017. C. 16.1% for 2018 and 19.0% for 2017. D. 122.7% for 2018 and 100.0% for 2017. E. 19.7% for 2018 and 19.7% for 2017.