Which of the following statements is True?
a. When the product is completed and transferred to finished goods, the WIP account is debited.
b. When the product is sold on credit, two accounts are debited. One of those is accounts receivable and the other is finished goods.
c. When an item is sold for cash, two accounts are credited. One of them is sales and the other is COGS.
d. None of the above statements is true.
d
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The following summary balance sheet account categories of Sun Company increased during 2013 by the amounts shown: Assets .....................$178,000 Liabilities ...........................$54,000 Capital Stock ............$120,000 Additional Paid-in Capital ....$12,000 The only change to retained earnings during 2013 was for $26,000 of dividends. What was Sun Company's net income for 2011?
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