Which of the following should be the primary goal pursued by the financial manager of a firm?a. Maximize net income (profits).b.
1 answer:
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Answer and Explanation:
Answer and explanation attached
Beginning raw materials = ending raw materials +raw materials for production+issued raw materials- raw materials purchased -raw materials returned from production= $79800
Cost of goods manufactured =ending finished goods+cost of goods sold -beginning finished goods= $553000
Beginning work in progress inventory=
Ending work in progress + cost of goods manufactured + materials returned - manufacturing overhead applied- issued raw materials-direct labour wages =$105490
Answer: Please refer to Explanation
Explanation:
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1.Paid $7,000 of accrued taxes at the time the plant site was acquired. LAND because it was an expense that was needed to acquire the land so it is capitalized
2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. EQUIPMENT
3. Paid $850 sales taxes on a new delivery truck. EQUIPMENT.
4. Paid $21,000 for parking lots and driveways on the new plant site. choose an account title. LAND IMPROVEMENTS.
5. Paid $250 to have the company name and slogan painted on the new delivery truck. choose an account title. EQUIPMENT
6. Paid $8,000 for installation of new factory machinery. choose an account title. EQUIPMENT
7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. choose an account title. PREPAID INSURANCE
8. Paid $75 motor vehicle license fee on the new truck. LICENSE EXPENSE.
