The final step in recognizing the completion of production requires a company to:
A. debit Finished-Goods Inventory and credit Work-in-Process Inventory.
B. add direct materials, direct labor, and manufacturing overhead to Work-in-Process Inventory.
C. add direct materials to Finished-Goods Inventory.
D. add direct labor to Work-in-Process Inventory.
E. debit Work-in-Process Inventory and credit Finished-Goods Inventory.
Answer: A
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Our political system depends on all of the following types of people EXCEPT
a. citizens who speak openly. b. citizens who carefully examine all sides of an issue. c. citizens who attempt to convince others to vote like them. d. citizens who speak honestly.
What form must a taxpayer file if he or she is at-risk in an activity?
A. Form 4797. B. Form 8582. C. Form 1040, Schedule D. D. Form 6198.
Bell Brothers has $3,000,000 in sales. Its fixed costs are estimated to be $100,000, and its variable costs are equal to fifty cents for every dollar of sales. The company has $1,000,000 in debt outstanding at a before-tax cost of 10 percent. If Bell Brothers' sales were to increase by 20 percent, how much of a percentage increase can one expect in the company's net income??
A. ?15.66% B. ?18.33% C. ?19.24% D. ?21.50% E. ?23.08%
Which one of the following items is not considered gross income for tax purposes?
A. cash dividends B. face amount of life insurance received due to the death of the insured C. illegal income D. gambling winnings