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Question
Prepare a December 31 balance sheet in proper form for Cane Property Management, Inc. using the following accounts and amounts:| Commissions earned"u00a6"u00a6............ | $40,000 |
| Accounts payable"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6 | 3,500 |
| Accounts receivable"u00a6"u00a6"u00a6"u00a6"u00a6 | 5,000 |
| Stockholders' equity"u00a6"u00a6"u00a6"u00a6"u00a6 | 104,500 |
| Office equipment"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6. | 10,000 |
| Advertising expense"u00a6"u00a6"u00a6"u00a6. "u00a6 | 3,200 |
| Cash"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6. | 7,500 |
| Land............................................... | 35,000 |
| Note payable................................. | 50,000 |
| Office supplies.............................. | 1,500 |
| Salaries expense........................... | 12,000 |
| Salaries payable........................... | 1,000 |
| Building......................................... | 100,000 |
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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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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Cost of goods sold (18,000 $14) 252,000
Gross margin $288,000
Selling and administrative expenses 90,000
Net income $198,000
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A. $307,800
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Q:
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E. $1,450,000
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B. $18,620
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E. $21,560
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Given the Cool Pools Company data, what is net income using absorption costing?
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E. $16,220,000