Author Question: The ending balance in the Work-in-Process Control account represents the costs of all jobs that ... (Read 35 times)

go.lag

  • Hero Member
  • *****
  • Posts: 667
The ending balance in the Work-in-Process Control account represents the costs of all jobs that ________.
 
  A) have not been completed
  B) have been completed but not sold
  C) have been completed and sold to customers
  D) are reported on the income statement

Question 2

Indicate how the following transactions affect the accounting equation. (a) The purchase of supplies on account. (b) The purchase of supplies for cash. (c) A withdrawal by the owner to pay personal expenses. (d) Revenues received in cash. (e) Sale made on account.



juliaf

  • Sr. Member
  • ****
  • Posts: 344
Answer to Question 1

Answer: A

Answer to Question 2

(a) Assets increase; liabilities increase
(b) No effect
(c) Assets decrease; owner's equity decreases
(d) Assets increase owner's equity increases
(e) Assets increase owner's equity increases



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

For a complete list of videos, visit our video library