During February 2016 Its First Month of Operations the Owner

question 23

Multiple Choice

During February 2016 its first month of operations the owner of Solcist Co. invested cash of $50000. Solcist had cash revenues of $16000 and paid expenses of $21000. Assuming no other transactions impacted the cash account what is the balance in Cash at February 29?

• A) $5000 credit
• B) $5000 debit
• C) $45000 debit
• D) $55000 debit

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Definitions:

Overhead Applied

The amount of overhead cost assigned to a particular cost object, using a predetermined rate, regardless of the actual overhead incurred.