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21) Jarvis Foods produces a gourmet condiment which sells for $10.00 per unit.  Variable costs are $7.50 per unit, and fixed costs are $18,000 per month.  Jarvis is currently selling 8,000 units per month.  If Jarvis is forced to reduce the selling price down to $9.00 per unit, and volume remains constant, how will that affect its operating income? A) Operating income will go up by $6,000. B) Operating income will become a loss of $6,000. C) Operating income will become a loss of $2,000. D) Operating income will go up by $2,000. 22) Jarvis Foods produces a gourmet condiment […]

Question E3-16 (Closing Entries for a Corporation) Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014. Inventory 12/31/14 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue Instructions $ 60,000 75,000 45,000 18,000 12,000 15,000 410,000 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $225,700 16,000 38,000 30,000 Prepare closing entries for Homer Winslow Co. on December 31, 2014. (Omit explanations.) ANSWER IN WORD FORMAT A ORIGINAL SOURCE NOT USED BEFORE NOT ATTACHMENT PLEASE AND ANSWER THROUGHLY. THANK YOU.

Question Edwards Company contracted on 4/1/14 to construct a building for$2,400,000. The project was completed in 2016. Additional datafollow: 2014 2015 2016 Costs incurred to date $ 560,000 $1,350,000$1,900,000 Estimated cost to complete 1,040,000 450,000 —Billingsto date 500,000 1,900,000 2,400,000 Collections to date400,000 1,300,000 2,200,000 Instructions (a) Calculate the incomerecognized by Edwards under the percentage-of-completion method ofaccounting in each of the years 2014, 2015, and 2016. (b) Prepareall necessary entries for the year 2015. (c) Present the balancesheet disclosures at December 31, 2015. Proper headings orsubheadings must be indicated.  

11) A product line at Coca-Cola is most likely treated as a(n): A) cost center. B) revenue center. C) profit center. D) investment center. 12) Which of the following is a cost center? A) A company's legal department B) A company's sales department C) A product line of a particular company D) A company's individual stores 13) Which of the following would be considered a profit center? A) A company's accounting department B) A company's sales department C) A company's product line D) A company's operating divisions 14) The manager of a cost center has control of: A) revenues. B) […]

True-False Questions 1.The acronym AIS stands for “Accounting Information Standards.” 2.Accounting information systems must be computerized to be effective. 3.It is best to view an AIS as an accounting system that must be computerized. 4.AISs often create information that is useful to non-accountants. 5.In order to be useful, raw accounting data must be processed by a computer. 6.The path that data follow in an AIS, for example from manual source document to completed output report, is called an audit trail. 7.A company's audit trail is normally easier to follow under a manual data processing system compared to a computerized information […]