Which of the following will be included in manufacturing overhead costs?
A) indirect labor and indirect materials used
B) salaries of salesmen
C) direct materials and direct labor
D) delivery costs to ship goods to customers
A
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Prime rate
a. is always below 5%. b. is a benchmark rate that fluctuates depending on economic conditions in the country. c. is set by venture capital firms. d. does not affect small businesses.
On May 1, 2016, Fitz installed a $475,000 sound system for International Arena. Fitz agreed to accept a $500,000 six-month, noninterest bearing note due on December 1, 2016. Fitz prepares financial statements at the end of every calendar year. Fitz's journal entry to record the collection of the note plus accrued interest on December 1, 2016, will include a ________
A) credit Interest Revenue for $475,000 B) debit Interest Revenue for $25,000 C) credit Note Receivable for $500,000 D) credit Note Receivable for $475,000