The Alphabetized Adjusted Trial Balance for SimCo Electrical Outfitters at August

question 134

Essay

The alphabetized adjusted trial balance for SimCo Electrical Outfitters at August 31,2015,is shown below.Identify how each account balance would be classified on a balance sheet given the following classification symbols:

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Definitions:

Equivalent Units

A term used in cost accounting to express the amount of work done during a period in terms of complete units of output.

First-in

A method used in inventory valuation where the first goods purchased are the first ones to be used or sold.

Materials

Raw inputs used in the manufacturing of products or goods, part of the direct costs in production.

Direct Method

A cash flow statement reporting approach that lists major categories of gross cash receipts and payments.