Wyatt is a sole proprietor who sells widgets he crafts on a 3-D printer. Which of...
Wyatt is a sole proprietor who sells widgets he crafts on a 3-D printer. Which of the following costs would NOT be included in cost of goods sold?
Worker who runs the printer.
Plastic used to make the widgets.
Packaging.
Design fees.
Homework Answers
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Wyatt is a sole proprietor who sells widgets he crafts on a 3-D
printer. Which of...
1-3 2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability....
1-3
2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability. b. Dual taxation. c. Unlimited life. d. Complex management structure. 4. The purchase of inventory on credit results in a journal entry that a. Debits cash. b. Credits accounts payable C. Debits accounts receivable d. Credits cash. 3. The account that a firm would not close at the end of an accounting period is a. Service revenues. b. Cost of goods sold. c. Accumulated...
2) Below are listed some of the costs incurred by our company. For each cost, indicate...
2) Below are listed some of the costs incurred by our company. For each cost, indicate whether it would most likely be classified as Direct Labor, Direct Materials, Overhead, Selling and Administrative Expense. (2 points). We own a business which manufactures and sells pencil sharpeners. a) Cost of sand spread on the factory floor to absorb oil from the manufacturing machines. b) Cost of the warehouse used to store the pencil sharpeners after they are finished & before they are...
Opening Case Lennox looked anxious and happy at the same time. He was happy because he...
Opening Case Lennox looked anxious and happy at the same time. He was happy because he was just a week away from going on a well-deserved vacation that he and his wife had been planning for some time. He was anxious however because it was the first time in a long time that he would be leaving his business for about a month and was concerned about how the operations would go without him present. Lennox is the proprietor of...
Natural monopolles: Multiple Choice Skipped are the only monopolies thot are efficient con capture the lowest...
Natural monopolles: Multiple Choice Skipped are the only monopolies thot are efficient con capture the lowest production costs possible for the industry are always protected by government policy generally earn zero eccounting profts due to regulstions Economists assume the central goal of any buslness is to: Multiple Choice Skipped maximize revenues. minimize costs. maximize profit. meximize market shere. 500.000 pairs of shoos, then their total revanue would be: Suppose Sam's Shoe Co. makes only one kind of shoe, which sells...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
Hi this is for my study guide, please show work where its applicable. Much appreciated. 1....
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
(1).Which of the following expenditures incurred in the operation of a business is not required to...
(1).Which of the following expenditures incurred in the operation of a business is not required to be capitalized? A. Cost of replacing an old shingle roof with a new tile roof. B. Cost of changing from one heating system to another. C. Cost of replacing an old truck used for business delivery. D. Cost of replacing small tools. (2) Mr. B paid the following amounts in the current year in connection with his business property: New motor purchased in December...
Mangold Limited is trying to determine he amount o its ending inventory as at February 28, the company's year end....
Mangold Limited is trying to determine he amount o its ending inventory as at February 28, the company's year end. The accountant counted everything n the warehouse in arly March, which resulted n an cnding nventory amount af 202 accountant was not sure how to treat the folowing transactions, so he did not incdude them in the count. He has asknd for your help in determining whather or not the following transactions should be included in inventary 0 Howavor, the...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces high-end knitted sweaters and sweater vests for sale to retail outlets. The company started in January of the current year, and employs three knitters (each of whom work 40 hours per week) and one office manager/knitting supervisor (this employee works 20 hours per week as office manager, and 20 hours per week as knitting supervisor). All wages are paid in cash at the end...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1400 units products) in her basement, 28 of which were damaged by water and cannot be sold • 140 units in her van, ready to deliver per a customer order, terms FOB destination • 100 units out on consignment to a friend who owns a reta store. How...
1-3
2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability. b. Dual taxation. c. Unlimited life. d. Complex management structure. 4. The purchase of inventory on credit results in a journal entry that a. Debits cash. b. Credits accounts payable C. Debits accounts receivable d. Credits cash. 3. The account that a firm would not close at the end of an accounting period is a. Service revenues. b. Cost of goods sold. c. Accumulated...
Natural monopolles: Multiple Choice Skipped are the only monopolies thot are efficient con capture the lowest production costs possible for the industry are always protected by government policy generally earn zero eccounting profts due to regulstions Economists assume the central goal of any buslness is to: Multiple Choice Skipped maximize revenues. minimize costs. maximize profit. meximize market shere. 500.000 pairs of shoos, then their total revanue would be: Suppose Sam's Shoe Co. makes only one kind of shoe, which sells...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
Mangold Limited is trying to determine he amount o its ending inventory as at February 28, the company's year end. The accountant counted everything n the warehouse in arly March, which resulted n an cnding nventory amount af 202 accountant was not sure how to treat the folowing transactions, so he did not incdude them in the count. He has asknd for your help in determining whather or not the following transactions should be included in inventary 0 Howavor, the...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1400 units products) in her basement, 28 of which were damaged by water and cannot be sold • 140 units in her van, ready to deliver per a customer order, terms FOB destination • 100 units out on consignment to a friend who owns a reta store. How...
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