A)Compute the adjusted balance for each account that must be closed, and record your answer. b)Journalize the required closing entries at January 31, 2011 and record your answer.

c)How much was Long Pond’s net income or net loss?

Which one of the following is never part of recording the requisition and issuance of raw materials in a job order cost system? debit finished goods inventory debit manufacturing overhead credit raw materials inventory debit work in process

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.