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Question
The following information has been provided by LeMaire Company:
Direct labor: $50,000
Direct materials used: $20,000
Materials purchased: $27,000
Cost of goods manufactured: $100,000
Ending work in process: $16,000
Corporate headquarters' property taxes: $6,000
Manufacturing overhead: $39,000
The beginning work in process was:
A) $23,000.
B) $7,000.
C) $9,000.
D) $1,000.
Answer
This answer is hidden. It contains 105 characters.
Related questions
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Aug
Sep Cash collections
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$40,000
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31,000
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18,000 Operating expenses
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11,600 Capital expenditures
0
19,000
0 The cash balance at June 30 is projected to be $5,600. There are no financing transactions planned in the 3rd quarter. What is the projected cash balance at the end of September?
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C) $18,000
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Berkeley Products has a cash balance of $20,000 at April 1, 2011. They are now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows: Apr
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Jun Cash collections
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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?
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B) The total debits in the income statement column equal the dividends paid.
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A) report form balance sheet.
B) classified form balance sheet.
C) account form balance sheet.
D) audited form balance sheet.
Q:
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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.
Q:
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?
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:
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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.
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In the accounting system, the first place that transactions are recorded is the ledger.
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Zennick Fashion Products uses standard costs for their manufacturing division. Standards specify 3.0 direct labor hours per unit of product. At the beginning of the year, the static budget for variable overhead costs included the following data:
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At the end of the year, actual data were as follows:
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C) $12,000 Favorable
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