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Exercise 14-4 Knight Company reports the following costs and expenses in May. Factory utilities $ 16,200 Repairs to office equipment 2,300 Direct Labor $ 69,800 Indirect materials 82,900 Depreciation on factory equipment 13,350 Factory repairs 2,910 Sales salaries 48,100 Direct materials used 138,700 Depreciation on delivery trucks 4,900 Advertising 16,300 Property taxes on factory building 3,500 Factory manager’s salary 8,900 Indirect factory labor 49,600 Office supplies ...
Select the balance sheet category where the items given would typically appear. Items Balance Sheet Category 1. Prepaired expenses Current assets 2. Long-term marketable securities Long-term investents 3. Plant building Plant assets 4. Patents Intangible assets 5. Short-term notes payable Current liabilities 6. Long-term notes payable Long-term liabilities 7. Cash equivalent Current assets 8. Machinery Current ...
Hampton Company reports the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Sales $ 72,000 Accounts receivable increase $ 6,000 Expenses Inventory decrease 3,000 Cost of goods sold 40,000 Salaries payable increase 1,000 Salaries expense 10,000 Depreciation expense 7,000 Net income $ 15,000 Prepare the operating activities section of the statement of cash flows for ...
Which of the following accounting methods is generally used to compute amortization expense? A. first-in, first- out B. declining-balance C. straight-line D. units-of-production Select your answer