The processes used by management in developing estimates include which of the following?
a. Controls over the process.
b. The reliability of underlying data in developing the estimate.
c. Use of outside experts by management (for example, how they were used and their expertise).
d. All of the above.
d
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A formal request for a purchase from a requesting department of a business is known as a purchase order
Indicate whether the statement is true or false
Upon completion of FMLA leave, the employee will return to work to:
A. any open position B. an equivalent position C. a position of promotion D. any part-time position E. None of the above
A business maintains subsidiary accounts for each of its customers On May 15, the business sells services on account: $2,100 to customer J. Simmons; $4,000 to customer A. Jones; and $1,500 to customer J. Williams. Which journal entry is needed to record this sales transaction?
A) May 15 Accounts Receivable 7,600 Service Revenue 7,600 B) May 15 Accounts Receivable - J. Simmons 2,100 Accounts Receivable - A. Jones 4,000 Accounts Receivable - J. Williams 1,500 Service Revenue 7,600 C) May 15 Service Revenue 7,600 Accounts Receivable 7,600 D) May 15 Accounts Receivable Control 7,600 Sales Revenue 7,600 May 15 Accounts Receivable - J. Simmons 2,100 Accounts Receivable - A. Jones 4,000 Accounts Receivable - J. Williams 1,500 Accounts Receivable - Control 7,600
Troski Corporation sells a number of products to groups that provide educational workshops and seminars. One of the products involves a combination leather case and note pad. The company purchases the case and pad combination from a supplier and encloses a $3 pen that contains the educational groups' name and logo.Troski began to carry this product at the start of 20x3, acquiring 12,500 cases from Executive Supply for $87,500 along with an identical number of pens from Accent Goods. During 20x3, 9,500 of the cases and pens were issued to Troski's assembly operation where the pen is added. Eighty percent of these cases were completed as of December 31, and a review of the December 31 finished-goods inventory found 2,600 completed cases in the warehouse. Conversations with salespeople
revealed that 70 finished sets were used in various company marketing activities throughout the year.Required: A. Determine the cost of the cases and pens that would appear in Troski's raw materials, work in process, and finished-goods inventory as of December 31.B. Determine the cost of the cases and pens that would appear in the company's cost of goods sold for 20x3. What will be an ideal response?