Homework Answers
Answer:
c. period costs include c. operating costs that are shown on the income statement in the period in which they are incurred.
Explanation:
Product costs:
These are the cost which can be allocated to individual units of stock. It can be shown on income statement and Balance sheet.
Example: Direct materials, Direct labor & Factory overhead
Period costs:
These are the cost which can't be allocated to individual units of stock. It can be shown on the income statement in the period in which they are incurred.
Example: Office expenses, Selling expenses etc.
Therefore,
Period costs include operating costs that are shown on the income statement in the period n which they are incurred.
Thus, Option c is correct and remaining options are incorrect.
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Period costs indude Oa. current liabilities on the balance sheet Ob. current assets on the balance...
Period costs include Oa, current liabilities on the balance sheet Ob. current assets on the balance...
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Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current...
Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current liabilities. c. Long-term liabilities and stockholders' equity. Od. Current assets.
Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current liabilities. c. Long-term liabilities and stockholders' equity. Od. Current assets.
On the balance sheet, owner's equity is Oa. equal to the total of assets and liabilities...
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Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product...
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Which of the following accounts are debited to record increases? Oa. expenses and liabilities Ob. assets...
Which of the following accounts are debited to record increases? Oa. expenses and liabilities Ob. assets and liabilities Oc. assets and expenses Od. drawing and liabilities
Where would period costs be found on the financial statements? A. As operating expenses on the...
Where would period costs be found on the financial statements? A. As operating expenses on the income statement in the period incurred B. As operating expenses on the income statement for a previous period C. Under current assets on the balance sheet D. Under current liabilities on the balance sheet
1) 2) 3) 4) Which of the following will not be found on the balance sheet...
1)
2)
3)
4)
Which of the following will not be found on the balance sheet of a manufacturing company? Oa. work in process Ob. cost of goods sold Oc. finished goods Od. materials Jensen Company reports the following: Direct materials used Direct labor incurred Factory overhead incurred Operating expenses $345,000 250,000 400,000 175,000 Jensen Company's period costs are Oa. $400,000 Ob. $175,000 Oc. $250,000 Od. $345,000 The direct materials costs and direct labor costs incurred by a production department...
A Changes in current operating assets and liabilities—indirect methodAlpenrose Corporation’s comparative balance sheet for current assets...
A Changes in current operating assets and liabilities—indirect methodAlpenrose Corporation’s comparative balance sheet for current assets and liabilities was as follows:Adjust net income of $207,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.B Changes in current operating assets and liabilities—indirect methodHuluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows:Adjust net income of $160,000 for changes in operating assets and liabilities to arrive at net cash flow from operating...
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . ....
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Accounts payable . . . . . . . . . . . . . . . . . . . . . 36 Accounts receivable . . . . . . . . . . . . . . ....
Period costs include Oa, current liabilities on the balance sheet Ob. current assets on the balance sheet Oc operating costs that are shown on the income statement in the period in which they are incurred Od. operating costs that are shown on the income statement when products are sold
Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current liabilities. c. Long-term liabilities and stockholders' equity. Od. Current assets.
Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current liabilities. c. Long-term liabilities and stockholders' equity. Od. Current assets.
On the balance sheet, owner's equity is Oa. equal to the total of assets and liabilities Ob. subtracted from liabilities and the net amount is equal to assets Oc. added to liabilities and the two are equal to assets Od. added to assets and the two are equal to liabilities
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc. period costs and expensed when the goods are sold Od. product costs and expensed when the goods are sold
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1)
2)
3)
4)
Which of the following will not be found on the balance sheet of a manufacturing company? Oa. work in process Ob. cost of goods sold Oc. finished goods Od. materials Jensen Company reports the following: Direct materials used Direct labor incurred Factory overhead incurred Operating expenses $345,000 250,000 400,000 175,000 Jensen Company's period costs are Oa. $400,000 Ob. $175,000 Oc. $250,000 Od. $345,000 The direct materials costs and direct labor costs incurred by a production department...
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