Consider the Following Account Balances of the Shattuck Law Firm

question 155

Multiple Choice

Consider the following account balances of the Shattuck Law Firm as of December 31,2012: How many of these accounts would appear in Shattuck's 2012 income statement?
$$\begin{array} { l r } \text { Accounts Payable } & \$ 4,400 \\\text { Salaries Expense } & 12,800 \\\text { Cash } & 1,700 \\\text { Common Stock } & 2,400 \\\text { Service Revenue } & 8,300 \\\text { Supplies } & 4,300 \\\text { Retained Earnings } & 1,100 \\\text { Utilities Expense } & 5,000\end{array}$$

• A)Five.
• B)Four.
• C)Three.
• D)Two.

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Production Cost Report

A detailed report that provides information about the total cost and output of a production department or process for a given period.

Business Organization

A structured entity formed for the purpose of conducting commercial, industrial, or professional activities.

Just-In-Time Management

A management strategy that aligns raw-material orders from suppliers directly with production schedules, minimizing inventory levels and waste.

Production Cost Report

A document detailing the total cost, including materials, labor, and overhead, associated with producing a batch of goods.