____ 66. JSW Corporation had $1,100,000 in invested assets, sales of $1,210,000, income from operations amounting to $242,000, and a desired minimum rate of return of 15%. The residual income for JSW is:a.$60,500b.$22,000c.$77,000d.$24,200 ____ 67. The CJW Corporation has sales of $4,500,000. It also has invested assets of $2,000,000 and operating expenses of $3,600,000. The company has established a minimum rate of return of 7%. What is CJW Corporation's rate of return on investment?a.56%b.20%c.45%d.25% ____ 68. The point where the sales line and the total costs line intersect on the cost-volume-profit chart represents:a.the maximum possible operating lossb.the maximum possible operating incomec.the total fixed costsd.the break-even point ____ 69. The entry to record direct labor costs into production in a job order cost accounting system is:a.debit Factory Overhead, credit Work in Processb.debit Finished Goods, credit Wages Payablec.debit Work in Process, credit Wages Payabled.debit Factory Overhead, credit Wages Payable ____ 70. Alden Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs from Department 1 into Department 2 during the period is:a.Work in Process--Department 2 390,000 Work in Process--Department 1 390,000b.Work in Process--Department 2 330,000 Work in Process--Department 1 330,000c.Work in Process--Department 2 255,000 Work in Process--Department 1 255,000d.Work in Process--Department 2 375,000 Work in Process--Department 1 375,000

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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____ 66. JSW Corporation had $1,100,000 in invested assets, sales of $1,210,000, income from operations amounting to $242,000, and a desired minimum rate of return of 15%. The residual income for JSW is:

a.	$60,500
b.	$22,000
c.	$77,000
d.	$24,200

____ 67. The CJW Corporation has sales of $4,500,000. It also has invested assets of $2,000,000 and operating expenses of $3,600,000. The company has established a minimum rate of return of 7%. What is CJW Corporation's rate of return on investment?

a.	56%
b.	20%
c.	45%
d.	25%

____ 68. The point where the sales line and the total costs line intersect on the cost-volume-profit chart represents:

a.	the maximum possible operating loss
b.	the maximum possible operating income
c.	the total fixed costs
d.	the break-even point

____ 69. The entry to record direct labor costs into production in a job order cost accounting system is:

a.	debit Factory Overhead, credit Work in Process
b.	debit Finished Goods, credit Wages Payable
c.	debit Work in Process, credit Wages Payable
d.	debit Factory Overhead, credit Wages Payable

____ 70. Alden Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs from Department 1 into Department 2 during the period is:

a.	Work in Process--Department 2 390,000 Work in Process--Department 1 390,000
b.	Work in Process--Department 2 330,000 Work in Process--Department 1 330,000
c.	Work in Process--Department 2 255,000 Work in Process--Department 1 255,000
d.	Work in Process--Department 2 375,000 Work in Process--Department 1 375,000

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