Wintergreen Products allocates overhead based on direct labor hours. During 2011 overhead was overapplied by $4,000. Assuming that the year-end adjustment to clear out the overapplied overhead has not yet been done, which of the following statements is most likely true if there are no ending inventories?
A) Direct material costs are understated
B) Direct labor costs are understated
C) Cost of goods sold is overstated
D) Net income is overstated
C
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The difference between the debits and credits for each pair of columns in the Income Statement and Balance Sheet sections of the work sheet represents net income or net loss
a. True b. False Indicate whether the statement is true or false
Describe the four layers of diversity in Gardenswartz and Rowe's diversity wheel. Provide a definition of the center layer and an example of each of the other layers.
What will be an ideal response?
How is a mistake different from fraud?
What will be an ideal response?
Six months ago, a company purchased an investment in debt for $71,450. The investment is classified as available-for-sale securities. This is the company's first and only investment in available-for-sale securities. The current fair value of the debt is $68,000. The company should record a:
A. Credit to Unrealized Gain-Equity for $3450. B. Debit to Unrealized Loss-Equity for $3450. C. No entry is required. D. Credit to Investment Revenue for $3450. E. Debit to Investment Revenue for $3450.