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Question
Darrius Travel Services provided the following information:
Cost allocation rate for direct labor: $40 per hour
Cost allocation rate for indirect costs: $22 per hour
If Darrius receives $700 for a job requiring 12 hours of direct labor, they will make a profit of $44.
Answer
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Related questions
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At the end of the year, actual data were as follows:
Production volume: 1,500 units
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In a multi-step income statement, Interest revenue and expense are NOT included in Operating income.
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Bartholomew Manufacturing Company is preparing the operating budget for the first quarter of 2012. They forecast sales of $50,000 in January, $60,000 in February, and $70,000 in March. Cost of goods sold is budgeted at 40% of Sales. Variable and fixed expenses are as follows:
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Which of the following is TRUE of a completed worksheet?
A) The total debits in the trial balance column equal the total debits in the adjusted trial balance column.
B) The total debits in the income statement column equal the dividends paid.
C) The total debits in the income statement column equal the total debits in the balance sheet column.
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The current ratio and the debt ratio are shown on the income statement.
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B) classified form balance sheet.
C) account form balance sheet.
D) audited form balance sheet.
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B) Current assets
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Only temporary accounts appear on the post-closing trial balance.
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Only permanent accounts appear on the post-closing trial balance.
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The post-closing trial balance is an optional step.
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When a business makes a cash payment, the cash account is always debited.
Q:
The accounting process of copying a transaction from the journal to the ledger is called:
A) journalizing.
B) posting.
C) proofing.
D) footing.
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A) chart of accounts.
B) ledger.
C) trial balance.
D) journal.
Answer: B
Q:
Which of the following statements about revenue is CORRECT?
A) Revenues decrease owner's equity, so a revenue account's normal balance is a credit balance.
B) Revenues decrease owner's equity, so a revenue account's normal balance is a debit balance.
C) Revenues increase owner's equity, so a revenue account's normal balance is a debit balance.
D) Revenues increase owner's equity, so a revenue account's normal balance is a credit balance.
Q:
The balance of an account is the:
A) amount remaining in an account.
B) account number, as shown in the chart of accounts.
C) sum of the debits only.
D) sum of the credits only.
Q:
Journalizing a transaction means:
A) calculating the balance in an account.
B) finding the account number in the chart of accounts.
C) recording the transaction, including a brief explanation.
D) copying the information from the journal to the ledger.
Q:
In the accounting system, the first place that transactions are recorded is the ledger.
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For liabilities and revenues, a debit increases the account.