Rios Corporation Reports Costs for the Year as Follows

question 175

Multiple Choice

Rios Corporation reports costs for the year as follows:

How much is the total product costs for the year?

• A)$800,000
• B)$1,825,000
• C)$1,858,000
• D)$1,025,000

Master the categorization of accounts and understand their normal balances, reporting in financial statements, and nature (permanent/temporary).

Understand different categories of accounts in accounting.

Identify the normal balance for various accounts.

Recognize which financial statement reports specific account balances.

---

Definitions:

Gross Pay

The total amount of money earned by an employee before any deductions or taxes are taken out.

Net Pay

Gross earnings, less deductions. Net pay, or take-home pay, is what the worker actually takes home.

Wages and Salaries Payable

Liabilities for wages and salaries that have been earned by employees but have not yet been paid.

Federal Income Taxes Payable

The amount of income tax that a company or individual owes to the federal government and has not yet paid.