Homework Answers
C) Finished goods inventory
Explanation:
Manufacturing company differs from the service company in that a service company produces no physical goods for sale. Therefore, they cannot have a finished goods inventory as services are intangible and are provided on the spot so cannot have an inventory. All the other options are true for service company as it can pay wages, have retained earnings as well as have supplies expense for providing services.
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Which of the following accounts does a manufacturing company have that a service company does not?...
The following are all of the accounts of Attawfik Company that have a balance at the...
The following are all of the accounts of Attawfik Company that have a balance at the end of August. All accounts have normal balances: Accounts receivable $36,000 Cash $27,000 Equipment 59,000 Advertising expense 5,000 Service revenues earned 75,000 Accounts payable 31,000 Rent expense 3,600 Dividends 24,000 Office supplies 1,500 Salaries expense 30,000 Notes payable 22,000 Common stock 20,000 Retained earnings 1st August 58,100 a. Calculate net income b. Determine the amount of retained earnings to be shown on the August...
The journal entry a company would make under process costing to record allocated manufacturing overhead incurred...
The journal entry a company would make under process costing to record allocated manufacturing overhead incurred in the Assembly Department would be xxx O A. WIP Inventory - Assembly Accounts Payable OB. Finished Goods Inventory xxx Xxx OC. WIP Inventory - Assembly xxx Manufacturing Overhead OD. Manufacturing Overhead Xxx Finished Goods Inventory xxx
Trevor Company has the following adjusted trial balance at December 31, 2019: Account Cash Accounts Receivable...
Trevor Company has the following adjusted trial balance at December 31, 2019: Account Cash Accounts Receivable Inventory Supplies Prepaid Rent Land Building Accumulated Depreciation-Building Accounts Payable Debit $1,000 800 ,900 1,800 700 6,500 39,200 Credit $8,800 7,400 O A. $21,100 B. $20,200 O c. $24,200 O D. $23,300 Click to select your answer. Accounts Payable Unearned Revenue 7,400 3,700 2,200 6,500 3,100 Notes Payable, due 2020 Common Stock Retained Earnings Dividends Service Revenue Rent Expense Supplies Expense Salaries Expense Depreciation...
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o...
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o Wages Payable Which of the following journal entries represents an increase in equity correctly? A) Cash XXX Common Stock XXX B) Common Stock XXX Cash XXX XXX C) Retained Earnings Accounts Payable D) Retained Earnings XXX XXX Rent Expense XXX E) More than one of the above F) None of the above CA OB Ос OD Ο Ε OF
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal...
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. $564 Fees Earned $3,160 737 Insurance Expense 423 500 Rent expense 1,500 Accounts payable Accounts receivable Supplies Prepaid insurance Cash Office equipment Dividends 2,003 Land 2,438 759 1,783 1,800 Wages expense Retained earnings Common stock 5,500 614 5,033 Unearned rent 1,600 Total assets are Oa. $3,084 Ob. $5,033 Oc. $9,261 Od. $3,160
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100...
The following information is available for Sheridan
Company
Accounts receivable
$3,100
Cash
$6,370
Accounts payable
4,100
Supplies
3,790
Interest payable
580
Unearned service revenue
800
Salaries and wages expense
4,100
Service revenue
42,500
Notes payable
33,000
Salaries and wages payable
870
Common stock
58,500
Depreciation expense
710
Inventory
2,900
Equipment (net)
109,200
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100 Supplies 3,790 Interest payable 580 Unearned service revenue 800 Salaries and wages...
complete the worksheet The trial balance of Oriole Company contained the following accounts at November 30,...
complete the worksheet
The trial balance of Oriole Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Oriole Company Trial Balance November 30, 2019 Credit Debit $ 8,600 30,500 44,200 6,200 131,000 $ 26,000 55,000 33,900 60,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and...
PLEASE DO IT BY TPYE NOT PICS QUESTION 1 From the following select ALL accounts that...
PLEASE DO IT BY TPYE NOT PICS QUESTION 1 From the following select ALL accounts that go into calculating Retained Earnings. 1. Accounts Receivable 2. Rent Expense 3. Sales Revenue 4. Dividends 5. Accounts Payable 6. Beginning Retained Earnings 7. Common Stock 8. Rent Payable QUESTION 2 Which of the following is a nominal (temporary) account? A. Unearned Service Revenue B. Inventory C. Salaries and Wages Expense D. Retained Earnings
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning...
The following trial balance was taken from the records of
Fairport Manufacturing Company at the beginning of Year 3.
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning of Year 3. Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $43,400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400...
The journal entry a company would make under process costing to record allocated manufacturing overhead incurred in the Assembly Department would be xxx O A. WIP Inventory - Assembly Accounts Payable OB. Finished Goods Inventory xxx Xxx OC. WIP Inventory - Assembly xxx Manufacturing Overhead OD. Manufacturing Overhead Xxx Finished Goods Inventory xxx
Trevor Company has the following adjusted trial balance at December 31, 2019: Account Cash Accounts Receivable Inventory Supplies Prepaid Rent Land Building Accumulated Depreciation-Building Accounts Payable Debit $1,000 800 ,900 1,800 700 6,500 39,200 Credit $8,800 7,400 O A. $21,100 B. $20,200 O c. $24,200 O D. $23,300 Click to select your answer. Accounts Payable Unearned Revenue 7,400 3,700 2,200 6,500 3,100 Notes Payable, due 2020 Common Stock Retained Earnings Dividends Service Revenue Rent Expense Supplies Expense Salaries Expense Depreciation...
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o Wages Payable Which of the following journal entries represents an increase in equity correctly? A) Cash XXX Common Stock XXX B) Common Stock XXX Cash XXX XXX C) Retained Earnings Accounts Payable D) Retained Earnings XXX XXX Rent Expense XXX E) More than one of the above F) None of the above CA OB Ос OD Ο Ε OF
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. $564 Fees Earned $3,160 737 Insurance Expense 423 500 Rent expense 1,500 Accounts payable Accounts receivable Supplies Prepaid insurance Cash Office equipment Dividends 2,003 Land 2,438 759 1,783 1,800 Wages expense Retained earnings Common stock 5,500 614 5,033 Unearned rent 1,600 Total assets are Oa. $3,084 Ob. $5,033 Oc. $9,261 Od. $3,160
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
The following information is available for Sheridan
Company
Accounts receivable
$3,100
Cash
$6,370
Accounts payable
4,100
Supplies
3,790
Interest payable
580
Unearned service revenue
800
Salaries and wages expense
4,100
Service revenue
42,500
Notes payable
33,000
Salaries and wages payable
870
Common stock
58,500
Depreciation expense
710
Inventory
2,900
Equipment (net)
109,200
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100 Supplies 3,790 Interest payable 580 Unearned service revenue 800 Salaries and wages...
complete the worksheet
The trial balance of Oriole Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Oriole Company Trial Balance November 30, 2019 Credit Debit $ 8,600 30,500 44,200 6,200 131,000 $ 26,000 55,000 33,900 60,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and...
The following trial balance was taken from the records of
Fairport Manufacturing Company at the beginning of Year 3.
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning of Year 3. Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $43,400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400...
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