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Question
The following information has been provided by Buffalo Company:
Direct labor: $100,000
Direct materials used: $40,000
Direct materials purchased: $67,000
Cost of goods manufactured: $199,000
Ending work in process: $46,000
Corporate headquarters' property taxes: $6,000
Manufacturing overhead: $79,000
How much was Buffalo's beginning work in process?
A) $20,000
B) $42,000
C) $26,000
D) $66,000
Answer
This answer is hidden. It contains 107 characters.
Related questions
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At the end of the year, actual data were 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.
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B) classified form balance sheet.
C) account form balance sheet.
D) audited form balance sheet.
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A) Long-term assets
B) Current assets
C) Long-term liabilities
D) Current liabilities
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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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Q:
The accounting process of copying a transaction from the journal to the ledger is called:
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B) posting.
C) proofing.
D) footing.
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A) chart of accounts.
B) ledger.
C) trial balance.
D) journal.
Answer: B
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Which of the following statements about revenue is CORRECT?
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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:
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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.