Information from the Records of Island Timberlands Inc A)$36,000
B)$180,000
C)$636,000
D)$644,000

question 149

Multiple Choice

Information from the records of Island Timberlands Inc.for November is as follows: What is the net income for the month of November?
$\begin{array}{ll}\text { Sales } & \$ 820,000 \\\text { Selling and administrative expenses } & 140,000 \\\text { Direct materials purchases } & 176,000 \\\text { Direct labour } & 200,000 \\\text { Factory overhead } & 270,000\\\text { Direct materials, November } 1 & 24,000 \\\text { Work in process, November } 1 & 50,000 \\\text { Finished goods, November } 1 & 46,000 \\\text { Direct materials, November } 30 & 28,000 \\\text { Work in process, November } 30 & 56,000 \\\text { Finished goods, Novmeber 30 } & 38,000\end{array}$

• A)$36,000
• B)$180,000
• C)$636,000
• D)$644,000

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Definitions:

Outstanding Common Shares

The shares of a corporation that are issued and owned by shareholders, representing ownership in the company.

Net Assets

The difference between a company's total assets and its total liabilities, representing the equity value that shareholders would theoretically receive if all assets were liquidated and all debts paid.

Investment Account

An account held at a financial institution and managed by an investment dealer that contains securities, cash, or other assets for investment purposes.

Book Value

The value of a company or asset as it appears on the balance sheet, calculated by subtracting liabilities from assets.