Which of the following statements is considered a "snapshot" of the business in financial or dollar terms?
A. Statement of financial position.
B. Statement of cash flows.
C. Income statement.
D. The federal income tax return.
A
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Achibald, Inc completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs
During the current year, it incurred $260,000 for direct materials and $44,000 for conversion costs. Record the adjusting entry for the amount of underallocated or overallocated conversion costs. What will be an ideal response
Jim entered into an oral agency agreement with Sally in which he authorized Sally to sell his interest in a parcel of real estate, Blueacre. Within 7 days, Sally sold Blueacre to Dan, signing the real estate contract on behalf of Jim. Dan failed to record the real estate contract within a reasonable time. Which of the following most likely is true?
A. Dan may enforce the real estate contract against Jim because it satisfied the statute of frauds. B. Dan may enforce the real estate contract against Jim because Sally signed the contract as Jim's agent. C. The real estate contract is unenforceable against Jim because Sally's authority to sell Blueacre was oral. D. The real estate contract is unenforceable against Jim because Dan failed to record the contract within a reasonable time.