ACCOUNTING

The entry to record the acquisition of raw materials on account is:​

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​Accounts Payable Raw Materials Inventory

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​Manufacturing Overhead  Raw Materials Inventory Accounts Payable

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​Work in Process Inventory Accounts Payable

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​Raw Materials Inventory Accounts Payable

Which is the last step in developing the master budget?​

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​Preparing the budgeted balance sheet

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​Preparing the cost of goods manufactured budget

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​Preparing the cash budget

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​Preparing the budgeted income statement

In performing a vertical analysis, the base for sales revenues on the income statement is:​

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​sales revenue.

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​net sales.

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​net income.

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​cost of goods available for sale.

An activity-based overhead rate is computed as follows:​

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​actual overhead divided by estimated use of cost drivers.

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​actual overhead divided by actual use of cost drivers.

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​estimated overhead divided by estimated use of cost drivers.

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​estimated overhead divided by actual use of cost drivers.

Differences between a job order cost system and a process cost system include all of the following except the:​

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​flow of costs.

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​unit cost computations.

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​point at which costs are totaled.

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​documents used to track costs.

At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017?​

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​$441,000 credit

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​$24,000 credit

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​$426,000 credit

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​$423,000 debit

Henson Company began the year with retained earnings of $380,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year?​

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​$500,000

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​$460,000

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​$840,000

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​$540,000

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