A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true?a.The company will recognize $96,000 gross profit on the balance sheet.b.The company will increase finished goods by $54,000.c.The company will decrease finished goods by $54,000.d.The company will recognize sales on the balance sheet of $150,000. The Darwin Company reports the following information:Sales$76,500Direct materials used7,300Depreciation on factory equipment4,700Indirect labor5,900Direct labor10,500Factory rent4,200Factory utilities1,200Sales salaries expense15,600Office salaries expense8,900Indirect materials1,200Product costs area.$24,500b.$30,300c.$35,000d.$29,200 Which of the following are the two main types of cost accounting systems for manufacturing operations?a.process cost and general accounting systemsb.job order and general accounting systemsc.job order cost and process cost systemsd.process cost and replacement cost systems

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true?

a.The company will recognize $96,000 gross profit on the balance sheet.

b.The company will increase finished goods by $54,000.

c.The company will decrease finished goods by $54,000.

d.The company will recognize sales on the balance sheet of $150,000.

The Darwin Company reports the following information:

Sales	$76,500
Direct materials used	7,300
Depreciation on factory equipment	4,700
Indirect labor	5,900
Direct labor	10,500
Factory rent	4,200
Factory utilities	1,200
Sales salaries expense	15,600
Office salaries expense	8,900
Indirect materials	1,200

Product costs are

a.$24,500

b.$30,300

c.$35,000

d.$29,200

Which of the following are the two main types of cost accounting systems for manufacturing operations?

a.process cost and general accounting systems

b.job order and general accounting systems

c.job order cost and process cost systems

d.process cost and replacement cost systems

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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