When raw materials are purchased on account, the Accounts Payable account is credited
Indicate whether the statement is true or false
TRUE
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Samantha is working with a mentor and he has recommended that she develop a virtual management toolkit. Her mentor said that the management toolkit will help her become a better manager. Samantha is feeling a little anxious about it all. What recommendation would you give her?
A. take it all in as fast as you can B. develop a personal leadership plan C. never mind, a toolkit is not important D. you can learn it on the fly
A massed advertising effort is most appropriate for retailers _____
a. that stress personal selling b. requiring high reach c. with low advertising budgets d. with peak sales periods
Sylvia Corporation sold 12,500 units of its single product during the year, reporting a cost of goods sold that totaled $250,000. A review of the company's accounting records disclosed the following information:Cost of goods sold as a percentage of sales revenue40%Finished goods, Jan. 1$87,000Work-in-process, Dec. 3155,000Cost of Goods Manufactured241,000Raw materials used40,000Direct labor74,000Manufacturing overhead122,000Selling and administrative expenses 310,000Sylvia is subject to a 30% income tax rate.Required:A. Determine the selling price per unit.B. Management established a goal at the beginning of the year to reduce the company's investment in finished-goods inventory and work-in-process inventory.1. Analyze cost of goods sold and determine if management's goal was achieved
with respect to finished-goods inventory. Show computations.2. Analyze the firm's manufacturing costs and determine if management's goal was achieved with respect to work-in-process inventory. Show computations.C. Is the company profitable? Show calculations. What will be an ideal response?
Mr. and Mrs. Dell, ages 29 and 26, file a joint return and have no dependents for the year. Here is their relevant information: Standard Deduction Table. Salaries$163,000Dividend income 1,900Above-the-line deductions 6,200Itemized deductions 26,200Compute their adjusted gross income (AGI) and taxable income.
A. AGI $164,900; taxable income $8,500 B. AGI $158,700; taxable income $108,500 C. AGI $158,700; taxable income $132,500 D. AGI $164,900; taxable income $134,700