The following income statement was drawn from the records of Munoz Company, a merchandising firm: MUNOZ COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (4,500 units × $170) $ 765,000 Cost of goods sold (4,500 units × $82) (369,000 ) Gross margin 396,000 Sales commissions (5% of sales) (38,250 ) Administrative salaries expense (88,000 ) Advertising expense (34,000 ) Depreciation expense (43,000 ) Shipping and handling expenses (4,500 units × $1) (4,500 ) Net income $ 188,250

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)

Arestaurant that creates a new type of sandwich is using (blank) as a method of competition.

Which of the following entries would be made to record the requisition of $12,000 of direct materials and $6,900 of indirect materials? (assume that indirect materials are included in raw materials inventory.) a. manufacturing overhead 18,900 raw materials inventory 18,900 b. wip inventory 12,000 manufacturing overhead 6,900 raw materials inventory 18,900 c. raw materials inventory 18,900 wip inventory 18,900 d. wip inventory 18,900 raw materials inventory 18,900