Listed Below in Alphabetical Order Are the Balance Sheet Items

question 39

Essay

Listed below in alphabetical order are the balance sheet items of Nolan Company at December 31, 2014. Prepare a balance sheet and include a complete heading. $$\begin{array} { l r } \text { Accounts payable } & \$ 1,000 \\\text { Accounts receivable } & 15,000 \\\text { Buildings } & 65,000 \\\text { Cash } & 11,000 \\\text { Common stock } & 80,000 \\\text { Land } & 31,000 \\\text { Equipment } & 10,000 \\\text { Retained earnings } & 41,000\end{array}$$

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Definitions:

Activity Cost Pools

A grouping of all the costs related to a specific activity, used in activity-based costing to allocate costs more accurately.

Factory Overhead Costs

Refers to indirect manufacturing costs that are not directly tied to a specific product, such as maintenance, utilities, and rent.

Machine Usage

Refers to the operation and utilization of machines in the production of goods or the provision of services, often tracked to optimize efficiency and maintenance.

Service Organization

A company that provides intangible products or services to customers, rather than physical goods.