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Annette [7]
2 years ago
15

Which of the following statements concerning direct and indirect costs is NOT true? Multiple Choice Whether a particular cost is

classified as direct or indirect does not depend on the cost object. A direct cost is one that can be easily traced to the particular cost object. The factory manager’s salary would be classified as an indirect cost of producing one unit of product. A particular cost may be direct or indirect, depending on the cost object.
Business
1 answer:
nadezda [96]2 years ago
8 0

Answer: Whether a particular cost is classified as direct or indirect does not depend on the cost object - <u>FALSE. BECAUSE "A particular cost may be direct or indirect, depending on the cost object".</u>

A direct cost is one that can be easily traced to the particular cost object -<u>TRUE.</u>

The factory manager’s salary would be classified as an indirect cost of producing one unit of product.<u> - TRUE.</u>

A particular cost may be direct or indirect, depending on the cost object. <u>- TRUE.</u>

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Smith's operating cash flows in millions were $100, $150, $80 during the past three years; while Jones' operating cash flows in
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3 years ago
MC Qu. 98 At the beginning of the recent... At the beginning of the recent period, there were 1,470 units of product in a depart
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Answer:

Using the weighted average method, the equivalent units produced by the department were:

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 Ending inventory             1,560

Units completed             8,370

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4 0
3 years ago
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $59,000 cash from the issue of co
faltersainse [42]

Answer:

a & c. See part a & c of the attached excel file for the table. In the attached excel file, Total revenue = $100,000; and Total expenses = $61,900.

b. The amount of net income reported on the 2018 income statement is $38,100.

d. The amount of cash flow from operating activities reported on the 2018 statement of cash flows is $25,000.

e. Before closing balance in service revenue account = $100,000; and After closing balance = $0.

f. The balance of the retained earnings account that appears on the 2018 balance sheet is $32,200.

Explanation:

a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event.

Note: See part a & c of the attached excel file for the table.

From the attached excel file, we have:

Total revenue = $100,000

Total expenses = $61,900

b. Based on your response to Requirement a, determine the amount of net income reported on the 2018 income statement.

Based on part a & c above, we can determine this as follows:

Net income = Total revenue - Total expenses = $100,000 - $61,900 = $38,100

Therefore, the amount of net income reported on the 2018 income statement is $38,100.

d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows.

Note: See part d of the attached excel file for the amount of cash flow from operating activities.

From the attached excel file, we have:

Cash flow from operating activity = $25,000

Therefore, the amount of cash flow from operating activities reported on the 2018 statement of cash flows is $25,000.

e. What is the before- and after-closing balance in the service revenue account?

Before closing balance in service revenue account = Services performed on account + Services performed for cash = $81,000 + $19,000 = $100,000

After closing balance = $0

The "after closing balance" is equal to zero because, at the end of a particular period, the balance of the service revenue account turns to $0 when the firm has to close the balance of the service revenue account in the retained earnings.

f. What is the balance of the retained earnings account that appears on the 2018 balance sheet?

Retained earnings = Net income - Cash dividend paid to the stockholders = $38,100 - $5,900 = $32,200

Therefore, the balance of the retained earnings account that appears on the 2018 balance sheet is $32,200.

Download xlsx
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