What event and inventory system may have produced the following journal entry?Merchandise Inventory600 Cost of Goods Sold 600
A. A sale of goods under the periodic inventory system.
B. A sale of goods under the perpetual inventory system.
C. A return of goods by a customer under the perpetual inventory system.
D. A return of goods by a customer under the periodic inventory system.
Answer: C
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Bill filed a petition for bankruptcy under Chapter 7 of the Bankruptcy Act. Bill listed, among others, the following debts: a debt to the National Bank for $10,000 secured by his 1980 truck, which is valued at $3,500; an unsecured debt to his friend, Francis; a $500 debt to the IRS for 1989 federal income taxes; and a $500 student loan to the university which was due one year ago. In this scenario, ________.
A. Francis can claim the debt without filing a proof of claim B. the $500 debt to the IRS is a nondischargeable debt C. the bank can receive preferential payment because the debt owed to it is the highest D. the $500 student loan to the university is a dischargeable debt
Two jobs (J1 and J2) are scheduled on two workcenters (WCA and WCB). J1 starts at time 0 on WCA and finishes on that workcenter at time 5. J2 starts at time 0 on WCB and finishes at time 3. J2 then starts on WCA at time 5 and finishes at time 9. J1 has a due date of time 6 and J2 has a due date of time 7. What is the lateness of J2?
a. 0 b. 1 c. 2 d. 4
The work cell improves layouts by reducing both floor space and direct labor cost
Indicate whether the statement is true or false
Pitt Jones Company, a manufacturer of small appliances, had the following activities, allocated costs, and allocation bases
Activities Allocated Costs Allocation Base Account inquiry (hours) $61,000 2,600 hours Account billing (lines) $32,000 18,000 lines Account verification (accounts) $16,000 24,000 accounts Correspondence (letters) $13,000 1,000 letters The above activities are carried out at two of its regional offices. Activities Northeast Office Midwest Office Account inquiry (hours) 120 hours 200 hours Account billing (lines) 10,000 lines 9,000 lines Account verification (accounts) 1,800 accounts 600 accounts Correspondence (letters) 70 letters 150 letters What is the cost per line for the account billing activity? (Round your answer to the nearest cent.) A) $1.78 B) $23.46 C) $3.39 D) $12.31