29. Using process costing, what is the journal entry to record the payroll paid in cash?
Debit Factory Overhead; Credit Cash
Debit Cash; Credit Factory Overhead
Debit Factory Payroll; Credit Cash
Debit Goods in Process; Credit Factory Payroll
None of the above


30. If the factory overhead has a large or material balance at year-end, what is the best way to handle this?
It should be closed to the cost of goods sold account.
It should be closed to the retained earnings account.
It should be allocated among the cost of goods sold account, the goods in process inventory and the finished goods inventory.
It should be carried over to the next accounting period.
None of the above


31. Beginning inventory of goods in process was 1,000 units that were 30% complete as to labor and overhead. Five thousand fifty units were added to production. Two hundred fifty units remained in process, each 80% complete. What are the equivalent units for labor and overhead?
3,750
5,500
5,700
6,250
None of the above


32. Which section of the process cost summary details the amount of costs applicable to beginning goods in process, cost of goods started and completed during the period, costs transferred to the next department and cost of ending goods in process?
Costs charged to the department
Assignment of costs to the output of the department
Equivalent unit processing costs
Total costs to be accounted for
Total costs accounted for


33. On December 31, the end of the reporting period, a company's trading securities which were purchased for $45,600 have a market value of $46,300. Which one of the following would be included in the end-of-period adjusting entries?
Market Adjustment-Trading, debit for $46,300
Unrealized Gain-Income, credit for $700
Market Adjustment-Trading, credit for $700
Unrealized Loss-Income, debit for $700
Both B and D


34. What are debt and equity securities that are not classified as trading or held-to-maturity called?
Controlling securities
In-between securities
Available-for-sale securities
Marketable securities
Open-for-sale securities


35. Janet Corporation purchased a long-term investment in equity securities, with significant influence. Janet owns 40% of the voting stock of the investee company, which reported earnings of $56,000. Which of the following would be included in the journal entry to record the reported earnings to Janet Corporation?
Dividend Income, credit, $22,400
Long-Term Investment, debit, $56,000
Earnings from Long-Term Investment, $56,000
Earnings from Long-Term Investment, $22,400
Earnings Receivable, debit, $22,400