Which of the following is not a characteristic of a job order costing system?
a. Uses only one Work in Process Inventory account
b. Uses job cost cards to keep track of each job in process
c. Assigns costs to specific batches of products
d. Measures costs for a set time period
D
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After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Rhodes, $40,000; Serrata, $60,000; Shepard, $75,000 . Partners share profits and losses as follows: Rhodes, 20%; Serrata, 30%; and Shepard, 50%. If Shepard retired and withdrew
$85,000 in settlement of his equity and settlements are allocated according to capital interests, the amount entered in Rhodes' capital account would be a a. $4,000 debit. b. $4,000 credit. c. $6,000 debit. d. $6,000 credit.
Each quarter, an organization that finds homes for greyhounds that can no longer race mails a newsletter to organization volunteers to let them know the current needs of the organization and how well adoption efforts are going. The newsletter is an example of a
A. catalog. B. reprint. C. house organ. D. broadside. E. statement stuffer.
What is another name for barter syndication? Describe how it works.
What will be an ideal response?
Hubbard Company had the following trading securities in its portfolio at December 31. The Fair Value Adjustment-Trading account had a balance of zero prior to any year-end adjustment. Prepare the appropriate adjusting journal entry for this portfolio.Short-Term Debt InvestmentsCostFair ValueXBM$ 24,500$ 25,900Micro51,00048,600Outel62,30061,000Dull 29,900 30,200Totals$167,700$165,700
What will be an ideal response?