In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $14,000. During the month, $424,000 of costs were added to production and the cost of units transferred out from the department was $446,000.In the department's cost reconciliation report for January, the cost of beginning work in process inventory for the department would be:
A. $36,000
B. $432,000
C. $410,000
D. $8000
Answer: A
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Marta finds a chest inscribed "Jack Sparrow" that contains $750,000 of cash while diving among the coral reefs off Key West, Florida. The U.S. Customs and the DEA denied knowledge of the cash, so Marta keeps it. I.Recognition will not occur because the windfall would not be considered as derived from capital or labor.II.The all-inclusive Income Concept explains the recognition of income from whatever source derived.?
A. Only statement I is correct. B. Only statement II is correct. C. Both statements are correct. D. None of the statements are correct.
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Indicate whether the statement is true or false
In receiving a credit application, lenders often look for
A) character, capital, capacity. B) earnings, earnestness, eagerness. C) honesty, honor, net worth. D) net worth, net income, no-nonsense.
Nick steals two checks from Pauline-a blank check and a check payable to the order of Retail Outlets Company, drawn on Pauline's account with State Bank. Nick forges Pauline's sig-na-ture on the blank check and makes it payable to himself. Nick forges
Retail Outlets's indorsement on the back of the check payable to Retail Outlets, and adds "Pay to the order of Nick." At United Credit Union, Nick indorses the back of both checks with his own name and gives them to United for cash. United does not know about the theft or the forged signatures and presents the checks to State Bank, which pays them. Pauline, who was not negli-gent, discovers the forgeries and asks State Bank to recredit her ac-count. Who suffers the loss on each check?