The Income Statement for the Year 2011 of Poole Co

question 160

Multiple Choice

The income statement for the year 2011 of Poole Co.contains the following information: The entry to close Income Summary to Retained Earnings includes

• A)a debit to Revenue for $70,000.
• B)credits to Expenses totalling $73,500.
• C)a credit to Income Summary for $3,500.
• D)a credit to Retained Earnings for $3,500.

Identify and understand the roles and responsibilities within organizational structures relevant to accounting and finance.

Understand the concepts of joint cost allocation and its impact on product costing.

Apply relative market value and physical quantities methods for joint cost allocation.

Understand the role and purpose of responsibility accounting in organizations.

---

Definitions:

Swordfish

A large, predatory fish known for its long, flat bill, often sought after for sport fishing and as a delicacy in cuisine.

Deep-Sea

Refers to the part of the ocean and its ecosystem that is beyond the continental shelves, typically deeper than about 200 meters.

Coral Reefs

Diverse underwater ecosystems held together by calcium carbonate structures secreted by corals, providing critical habitats for marine species.

Ocean Temperature

The measure of heat content in the oceans, a critical factor influencing global climate patterns, marine ecosystems, and sea level rise.