Kelly Corporation reported Net Income for the year ended December 31, 2019, of $16,900 then discovered that an entry for revenue earned on December 30, 2019, in the amount of $1,400 had not been journalized and posted. What is the Net Income after the correcting journal entry is journalized and posted?
A. $15,500
B. $16,900
C. $14,100
D. $18,300
Answer: D
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The following information was gathered for Company J, a manufacturing company with three departments, A, B, and C:Manufacturing supplies cost is expected to be $300,000. Possible cost drivers are direct labor hours, direct materials cost, and number of units completed and sold. The three departments have varying amounts for these items. Department ADepartment BDepartment CDirect labor hours 15,000 40,000 45,000 Direct materials cost$500,000 $2,500,000 $2,000,000 # of units expected to be completed and sold 80,000 30,000 40,000 Based on this information, indicate whether each of the following statements is true or false.If number of units completed and sold is selected as the cost driver, the allocation rate for manufacturing supplies cost would be $2 per unit. If
direct labor hours is selected as the cost driver, the manufacturing supplies cost allocated to Department B would be $100,000. The manufacturing supplies cost allocated to Department C would be unaffected by the choice of the cost driver. If the amount of bonuses to department managers is based on income after all expenses, the manager for Department A would prefer that direct materials cost be selected as the cost driver. If the amount of bonuses to department managers is based on income after all expenses, the manager for Department B would prefer that direct labor hours be selected as the cost driver. What will be an ideal response?
Upon the expiration of the term of a term LLC, the LLC can be continued:
A) As a term LLC by a majority vote of the members. B) As a term LLC by a unanimous vote of the members. C) As an at-will LLC by a majority vote of the members. D) B or C only. E) A, B, or C.
Indicate whether each of the following statements is true or false.A master budget provides information about plans and expectations for the next five years._____A company that uses a participative budget engages in budgeting throughout the year._____One of the benefits of budgeting is that it promotes coordination and communication._____A budget formalizes managerial plans._____At the end of a period, a company should not compare actual results to the budget because budgets are notoriously inaccurate._____
What will be an ideal response?
is commission-based. Increasingly, this approach is replacing CPM or CPC approaches where the advertiser has more negotiating power.
What will be an ideal response?