T-account: A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side. Trial Balance : The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side. Net income or Net loss: The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula: Net income / ( loss ) = Total Revenues – Total Expenses 1. T accounts for given accounts titles and posting of given entries directly to T accounts: To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts
T-account: A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side. Trial Balance : The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side. Net income or Net loss: The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula: Net income / ( loss ) = Total Revenues – Total Expenses 1. T accounts for given accounts titles and posting of given entries directly to T accounts: To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts
Definition Definition Act of publishing journal entries in their respective general ledger accounts to create a consolidated view of an account. At the end of the fiscal year, ledger accounts are balanced and account balances in every ledger are consolidated together to create the trial balance.
Chapter 2, Problem 2.1DC
To determine
T-account:
A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.
Trial Balance:
The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.
Net income or Net loss:
The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:
1. T accounts for given accounts titles and posting of given entries directly to T accounts:
To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts
To determine
2. Trial Balance as at June 30, 2018:
To indicate: Trial Balance as at June 30, 2018
To determine
3. Net income or net loss and recommendation for business continuity:
To indicate: Net income or net loss and recommendation for business continuity
Dull Corporation produces a single product and has the following
cost structure:
Number of units produced each year
6,000
Variable costs per unit:
Direct materials
Direct labor
$43
$13
$5
Variable manufacturing overhead
Variable selling and administrative expense $1
Fixed costs per year:
Fixed manufacturing overhead
Fixed selling and administrative expense
The absorption costing unit product cost is:
A. $95
B. $119
C. $61
D. $56
$204,000
$138,000
What is its gross income for the year of this general accounting question?
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