Answer:
The statement is: True.
Explanation:
The Work In Progress (WIP) Inventory represents the sources needed during the production of a good. While calculating costs for those sources it is necessary to follow the 5-steps of process costing which are the following:
<em>1)</em><em> Determine the flow of units generated.
</em>
<em>2)</em><em> Adjust the inventory to calculate the equivalent units.
</em>
<em>3)</em><em> Identify the total cost.
</em>
<em>4)</em><em> Calculate the average cost per equivalent unit.
</em>
<em>5)</em><em> Record these costs to finished units and Work in Process units.</em>
False because you can get bad credit if you ever owe the bank money or if you made a late payment
Answer:
Explanation:
It is given that each person values the increase at $0.30
This means that when Ernest contributes $10 to the defense fund, his valuation is 10*0.03 = 3$
Answer:
$0
Explanation:
When the closing entries are recorded, so the net profit or net loss would be transferred to the retained earning account with the help of the closing entries
Therefore after closing entries posting, the balance in the income summary account would be zero and the same is to be considered
hence, the balance would be zero