When a broker receives trust funds and places them in a trust account, which of the following statements is most nearly correct about interest earned on those funds:
A: Trust funds can never be placed in an interest-bearing account;
B: The interest earned can be divided between the broker and the owner of the funds in any manner agreeable to both;
C: The service charges on the account will always be deducted from any interest earned;
D: The broker may not receive directly or indirectly any interest on trust funds.
Answer: D: The broker may not receive directly or indirectly any interest on trust funds.
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Given the following information, determine the cost of goods manufactured
Direct Labor Incurred $62,000 Manufacturing Overhead Incurred 177,000 Direct Materials Used 151,000 Finished Goods Inventory, Jan. 1 197,000 Finished Goods Inventory, Dec. 31 99,000 Work-in-Process Inventory, Jan. 1 221,000 Work-in-Process Inventory, Dec. 31 108,000 A) $390,000 B) $503,000 C) $282,000 D) $188,000