Kara Ries, Tammy Bax, and Joe Thomas invested $80,000, $112,000, and $128,000, respectively, in a
partnership. During its first calendar year, the firm earned $249,000.
Prepare the entry to close the firms Income Summary account as of its December 31 year
Cost accounting information is helpful to management for pricing decisions but has no effect on
Job order costing is applicable to manufacturing fi
When interpreting measures from financial statement analysis, we need to
decide whether the measures indicate good, bad, or average performance. To
make such judgments, we need standards (benchmarks) for comparisons that
include the following:
1_ Award: 5 out of 5.00 points
Which ofthe f0 owing items is 'epor‘tec on the statement of casl" ﬂows under finai‘cng act'v'ties'?I
0 Declaration of a cash dividend.
. Payment ofa cash dividend.
0 Declaration of a stock dividend.
0 Payment of a stock divi
Llsteo here are the total costs assoclateo wlth the 2013 production of 1.000 orum sets manufactured by
DrumEleat. The drum sets sell for $500 each.
1. Plastlc for casing—$11000
2. Wages of assemon workers—$82000
3. Property taxes on factory—$5.000
Award: 5 out of 5.00 points
0 Is directed at reporting aggregate data on the company as a whole.
0 Provides information that is widely available to all interested parties.
0 Must follow.r generally accepted accounting principl
f The foitowingr Information appr'r'es to the questions o'r'soiayeo' beforvj
Clellno Co's March 31 Inventory of raw materlals Is $30.00 0. Raw materlals purchases In Aprll are $500,000.
and factory payroll cost In Apnl Is $353,000. Overhead costs Incurred
Award: 10 out of 10.00 points Show comet war a
The following transactions and events occuned during the year. Assuming that this company uses the
indirect method to report cash provided by operating activities. indicate where each item would appear on
1_ Award: 10 out of WEI} points
Which of the following items are part ofﬁnancial reporting out are notincluded as salt of general-purpose
financial statements? [Select all Ihet apply]
Stock price information and analysis
Statement of cash flows
Selected comparatwe financlal statements of Koroln Companyr follow.
KDRBI N COM PAN?
Comparatrure Income Statements
For Years Ended December 31. 2014,2013. and 2012
Sales $ 555.000
Cost of goods sold 283.500
Gross proﬁt 221.500
3elllng expenses 102.9
1. Mutual agency implies that each partner in a partnership is a fully authorized agent of the
partnership. Which of the following statements is correct regarding the authority of a partner
to bind the partnership in dealings with third parties?