Reference:
the Following Data (In Thousands of Dollars) Have

question 86

Multiple Choice

Reference:
The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just completed year. $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 910 \\\hline \text { Raw materials inventory, beginning } & \$ 80 \\\hline \text { Raw materials inventory, ending } & \$ 20 \\\hline \text { Purchases of raw materials } & \$ 100 \\\hline \text { Direct labour } & \$ 130 \\\hline \text { Manufacturing overhead } & \$ 200 \\\hline \text { Administrative expenses } & \$ 160 \\\hline \text { Selling expenses } & \$ 140 \\\hline \text { Work in process inventory, beginning } & \$ 40 \\\hline \text { Work in process inventory, ending } & \$ 10 \\\hline \text { Finished goods inventory, beginning } & \$ 130 \\\hline \text { Finished goods inventory, ending } & \$ 150 \\\hline\end{array}$$
-The net income for the year (in thousands of dollars) was:

• A)$18.
• B)$40.
• C)$410.
• D)$110.

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Definitions:

Annual Year-end Payments

Payments made at the end of the fiscal year, which can include bonuses, dividends, or debt payments.

Journal Entry

A record in accounting that logs the transactions and their impact on the accounts in a financial system using debits and credits.

Issuance

The process of distributing something, especially financial instruments like stocks or bonds, to investors.

Semiannually

Taking place twice within a year or every half year.