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drek231 [11]
4 years ago
15

In a job order cost system, it would be correct in recording the purchase of raw materials to debit Finished Goods Inventory. Ra

w Materials Inventory. Work in Process Inventory. Work in Process and Manufacturing Overhead.
Business
1 answer:
Brilliant_brown [7]4 years ago
4 0

Answer:

In a job order cost system, it would be correct in recording the purchase of raw materials to debit

Raw Materials Inventory.

Explanation:

When materials are initially purchased, the cost is debited to the Raw materials inventory account and credited to either Cash or Accounts Payable, depending on the trade terms.  When the materials are assigned to work in process, it is debited to Work in Process Inventory and to Jobs and credited to Raw materials Inventory.  Finished Goods Inventory is only debited for completed jobs.  Manufacturing Overhead is debited for all indirect costs.

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The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2016, included the following
Free_Kalibri [48]

Answer:

Net income $302,000

Comprehensive Income $382,000

Earnings Per Share 0.30

Explanation:

Preparation of a single, continuous multiple-step statement of comprehensive income for 2016, including appropriate EPS disclosures.

Lindor Corporation Statement of Comprehensive Income for 2016

Sales revenue $2,300,000

Less Cost of goods sold $1,400,000

Gross profit 900,000

($2,300,000-$1,400,000)

Less Operating expenses:

Selling and administrative expenses ($420,000)

Operating income $480,000

($900,00-$420,000)

Less other expenses:

Interest expense ($40,000)

Income before tax Expenses $440,000

($480,000-$40,000)

Income tax Expenses $132,000

(30%*$440,000)

Net income $302,000

($440,000-$132,000)

Other comprehensive income:

Add Unrealized holding gain on investment securities,net of tax $80,000

Comprehensive Income $382,000

($302,000+$80,000)

Earnings Per Share:

Net Income

(302,000 / 1,000,000) 0.30

Therefore Lindor Corporation single, continuous multiple-step statement of comprehensive income for 2016, including appropriate EPS

disclosures will be :

Net income $302,000

Comprehensive Income $382,000

Earnings Per Share 0.30

3 0
4 years ago
Which of the following is an example of a content management system (CMS)?
Grace [21]

Some examples of a content management system (CMS) are:

  • WordPress,
  • Joomla,
  • Drupal,  
  • Wix,
  • Ghost.

<h3>What is content management system?</h3>

This refers to the software that helps users create, manage, and modify content on a website without having to code.

Hence, we can see that Some examples of a content management system (CMS) are:

  • WordPress,
  • Joomla,
  • Drupal,  
  • Wix,
  • Ghost.

Read more about content management system here:

brainly.com/question/15077884

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4 0
2 years ago
upton industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods sold of $23,704, div
igor_vitrenko [27]

Option a) $5075.88 is the addition to the retained earnings

Current profits less any dividends or other payouts to shareholders are a company's retained earnings. Every time an accounting entry is made that has an effect on a revenue or expense account, this sum is modified. A sizable retained profits balance suggests that the corporation is in a secure financial position.

Computing after-tax profit:

(Revenues - Interest cost - Depreciation - Cost of goods sold - Administrative costs) x ( 1 - tax)

= ($42629 - $1,230 - $2,609 - $23,704 - $7,040) x ( 1 - 22%)

= $6,275.88

Retained earnings addition:

= After-tax net profit - Dividends paid

= 6,275.88 - 1,200

= $5,075.88

Hence, option a) is the correct answer

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3 0
1 year ago
Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper column.
Oduvanchick [21]
Hii can you please mark me brainliest !! I need it ans the answer is 17,729
8 0
3 years ago
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $ 35,000 $ 49
Kobotan [32]

$7,700

Explanation:

$18,500 - $6,000 - $4,800 = 7,700

4 0
3 years ago
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