The formula for the basic accounting equation is
A) TOTAL ASSETS = TOTAL LIABILITIES - OWNER'S EQUITY.
B) TOTAL ASSETS = TOTAL LIABILITIES + OWNER'S EQUITY.
C) TOTAL LIABILITIES = TOTAL ASSETS + OWNER'S EQUITY.
D) OWNER'S EQUITY = TOTAL LIABILITIES - TOTAL ASSETS.
E) OWNER'S EQUITY = TOTAL ASSETS + TOTAL LIABILITIES.
B
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South Bay Manufacturing began business on January 1
During its first year of operation, South Bay worked on five industrial jobs and reported the following information at year-end: Job 1 Job 2 Job 3 Job 4 Job 5 Direct Materials 1,000 8,500 4,000 3,500 1,500 Direct Labor 12,000 20,100 13,000 12,000 800 Allocated Mfg. Overhead 1,700 6,600 2,500 7,500 200 Job completed: Jun 30 Sep 1 Oct 15 Nov 1 Not completed Job sold: Jul 10 Sep 12 Not sold Not sold N/A Revenues: 39,000 39,000 N/A N/A N/A South Bay's allocation of overhead costs left a debit balance of $1,400 in the Manufacturing Overhead account, which was adjusted to zero at year-end. What was the amount of gross profit earned during the year? A) $26,700 B) $2,400 C) $28,100 D) $22,900
Contrast quid pro quo and hostile environment sexual harassment.
What will be an ideal response?