ACC561 Final Exam 2018

1. At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017? a.$423,000 debit b.$24,000 credit c.$426,000 credit d.$441,000 credit 2. The investigation of materials price variance usually begins in the a. first production department. b. purchasing department. c. control...