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Question
Billington Corp borrows $80,000 cash from Second National Bank. How does this transaction affect the accounting equation for Billington?A.Assets would decrease $80,000 and liabilities would decrease $80,000.
B.Assets would decrease $80,000 and equity would increase $80,000.
C.Assets would increase $80,000 and equity would decrease $80,000.
D.Assets would increase $80,000 and liabilities would increase $80,000.
E.Liabilities would decrease $80,000 and equity would increase $80,000.
Answer
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
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Given the following data, calculate product cost per unit under variable costing.
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Direct materials $3 per unit
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Total fixed overhead $85,000
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Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
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Direct labor $2.50 per unit
Variable overhead $3.50 per unit
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Given the Cool Pools Company data, what is net income using absorption costing?
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E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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B. $17,400,000
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D. $16,800,000
E. $16,220,000