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Statement of cash flows

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A work in process account for a company contained the following entries:

Work in process account
Debit of $40,000 for direct raw materials

Debit of $60,000 for direct labor
Debit of $30,000 for manufacturing overhead
Ending balance, $42,000, associated with job #2

The company uses a job-order cost system. Work was only performed on two jobs during the period. What was the cost of job #1, which was started and completed during the period??

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A work in process account for a company contained the following entries:

Work in process account

Debit of $40,000 for direct raw materials
Debit of $60,000 for direct labor
Debit of $30,000 for ...

Solution Summary

This solution is comprised of a detailed explanation to answer what was the cost of job #1, which was started and completed during the period.

$2.19
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Statement of Cash Flows: Time for change! SFAS No. 95

See attached file.

As contained in the Week Four electronic reserve readings article readings, this article, Broome, O. W. (2004, March/April). Statement of cash flows: Time for change! Financial Analysts Journal, 60(2), 16. , describes the current SFAS No. 95 requirements for the statement of cash flows, cites recent cases of abuse and disinformation involving the statement, and makes significant recommendations for improving the statement. Based on the comments in the article do you think the three sections of the statement of cash flows provide enough information for the reader? Of the three which provides the most information or is this an 'it depends' answer?

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