Southern Industries uses a job order costing. The following information was drawn from the Company’s monthly accounting reports:
Job 1 Job 2 Job 3
Direct Materials $ 50 $ 60 $ 30
Direct Labor 20 30 10
Southern applies overhead at a rate of 100% of direct labor costs. By the end of the month, both Job 1 and Job 2 had been completed and sold. Job 3 was still in process. At month-end, what was the balance in the Work in Process inventory?
a. $260
b. $60
c. $40
d. $140

List five words to describe your dominant culture. list five words to describe a culture with which you are not a member, have little or no contact, or have limited knowledge. can someone explain what its meaning?

What is the most important factor that affects the value of a company? a) cash flow b) earnings c) supply and demand d) number of employees

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)