ACCT 211 CONNECT HOMEWORK CHAPTER 8
EXERCISES – LIBERTY UNIVERSITY || 2025/2026
COMPLETE SOLUTIONS WITH CORRECT
ANSWERS || VERIFIED PASS GUARANTEED
A classified balance sheet has several categories for assets and liabilities including: (Check
all that apply.) - ANSWER Long-term investments.
Noncurrent (long-term) liabilities.
Current assets.
Plant assets.
Select the statements below that describe the purpose of a post-closing trial balance.
(Check all that apply.) - ANSWER *One purpose is to verify that total debits equal total
credit for permanent accounts.
*One purpose is to verify that all temporary accounts have zero balances.
,Which of the following statements correctly define(s) a profit margin? (Check all that
apply.) - ANSWER *Profit margin is also called return on sales.
*Profit margin is the ratio of a business's net income to its net sales.
Income Statement - ANSWER Reports a business's revenues and expenses for a period
of time.
Balance sheet - ANSWER Reports a business's assets, liabilities and equity on a specific
date.
Work sheet - ANSWER An internal accounting aid which helps in preparing financial
statements.
Trial balance - ANSWER A list of accounts and their balances at a point in time.
Statement of cash flows - ANSWER Reports the inflows and outflows of cash during a
period of time.
,Recall the column headings of a work sheet used to prepare financial statements. Which of
the following items are on a worksheet. (Check all that apply.) - ANSWER *Unadjusted
Trial Balance columns
*Balance Sheet columns
*Adjusted Trial Balance columns
*Income Statement columns
*Adjustment columns
Rather than debiting an asset account, which of the following statements explains an
alternate recording procedure to journalize prepaid expenses, such as prepaid rent or
supplies. (Check all that apply.) - ANSWER
A reversing entry can be described as a(n): (Check all that apply.) - ANSWER *entry
that is the exact opposite of an accrual adjusting entry.
*entry that is used for adjusting entries involving accrued revenues and accrued expenses.
*entry whose purpose is to simplify a company's record keeping.
*optional entry.
Partially completed T-accounts and additional information for Cardinals, Inc., for the
month of November appear as follows.
, Materials InventoryBB (11/1)50,000 140,000109,000
Work-In-Process InventoryBB (11/1)80,000 Labor100,000
Finished Goods InventoryBB (11/1)100,000 200,000140,000
Cost of Goods Sold
Manufacturing Overhead Control 98,000
Applied Manufacturing Overhead
Additional information for November follows:
Labor wage rate was $40 per hour.
Manufacturing overhead is applied at $35 per direct labor-hour.
During the month, sales revenue was $370,000, and selling and administrative costs were
$68,000.
This company has no indirect materials or supplies.
Required:
a. What cost amount of direct materials was issued to production during November?
b. How much manufacturing overhead was applied to products during November?
c. What was the cost of products completed during November?
d. What was the balance of the Work-in-Process Inventory account at the end of
November?
e. What was the over- or underapplied manufacturing overhead for November?
EXERCISES – LIBERTY UNIVERSITY || 2025/2026
COMPLETE SOLUTIONS WITH CORRECT
ANSWERS || VERIFIED PASS GUARANTEED
A classified balance sheet has several categories for assets and liabilities including: (Check
all that apply.) - ANSWER Long-term investments.
Noncurrent (long-term) liabilities.
Current assets.
Plant assets.
Select the statements below that describe the purpose of a post-closing trial balance.
(Check all that apply.) - ANSWER *One purpose is to verify that total debits equal total
credit for permanent accounts.
*One purpose is to verify that all temporary accounts have zero balances.
,Which of the following statements correctly define(s) a profit margin? (Check all that
apply.) - ANSWER *Profit margin is also called return on sales.
*Profit margin is the ratio of a business's net income to its net sales.
Income Statement - ANSWER Reports a business's revenues and expenses for a period
of time.
Balance sheet - ANSWER Reports a business's assets, liabilities and equity on a specific
date.
Work sheet - ANSWER An internal accounting aid which helps in preparing financial
statements.
Trial balance - ANSWER A list of accounts and their balances at a point in time.
Statement of cash flows - ANSWER Reports the inflows and outflows of cash during a
period of time.
,Recall the column headings of a work sheet used to prepare financial statements. Which of
the following items are on a worksheet. (Check all that apply.) - ANSWER *Unadjusted
Trial Balance columns
*Balance Sheet columns
*Adjusted Trial Balance columns
*Income Statement columns
*Adjustment columns
Rather than debiting an asset account, which of the following statements explains an
alternate recording procedure to journalize prepaid expenses, such as prepaid rent or
supplies. (Check all that apply.) - ANSWER
A reversing entry can be described as a(n): (Check all that apply.) - ANSWER *entry
that is the exact opposite of an accrual adjusting entry.
*entry that is used for adjusting entries involving accrued revenues and accrued expenses.
*entry whose purpose is to simplify a company's record keeping.
*optional entry.
Partially completed T-accounts and additional information for Cardinals, Inc., for the
month of November appear as follows.
, Materials InventoryBB (11/1)50,000 140,000109,000
Work-In-Process InventoryBB (11/1)80,000 Labor100,000
Finished Goods InventoryBB (11/1)100,000 200,000140,000
Cost of Goods Sold
Manufacturing Overhead Control 98,000
Applied Manufacturing Overhead
Additional information for November follows:
Labor wage rate was $40 per hour.
Manufacturing overhead is applied at $35 per direct labor-hour.
During the month, sales revenue was $370,000, and selling and administrative costs were
$68,000.
This company has no indirect materials or supplies.
Required:
a. What cost amount of direct materials was issued to production during November?
b. How much manufacturing overhead was applied to products during November?
c. What was the cost of products completed during November?
d. What was the balance of the Work-in-Process Inventory account at the end of
November?
e. What was the over- or underapplied manufacturing overhead for November?
