Adams company is a manufacturing company that has worked on several production jobs during the first quarter of the year. below is a list of all the jobs for the quarter:
balance
job no. 356 $ 450
job no. 357 1,235
job no. 358 378
job no. 359 689
job no. 360 456
jobs 356, 357, 358, and 359 were completed. jobs 356 and 357 were sold at a profit of $500 on each job.
what is the ending balance of cost of goods sold for adams company at the end of the first quarter?
a.$685
b.$456
c.$1,685
d.$2,685

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet

Why do you think the compensation plans differ at the two firms? in particular, why do you think kaufmann’s pays commissions to salespeople, while parkleigh does not? why does parkleigh offer employees discounts on purchases, while kaufmann’s does not?

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period