Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the balance of Sales for Adams Company at the end of the first quarter?

Question

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year.  Below is a list of all the jobs for the quarter:  Jobs 356, 357, 358, and 359 were completed.  Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the balance of Sales for Adams Company at the end of the first quarter?

Quizplus · Accepted Answer

Jobs 356 and 357 were sold at a profit of $500 each, so the total profit for both jobs is $1,000. The balance of sales would include the revenue from all completed jobs, which includes jobs 356, 357, 358, and 359. Therefore, the total balance of sales would be $1,000 + revenue from jobs 358 and 359. However, there is no information given about the revenue from jobs 358 and 359, so we cannot determine the exact balance of sales. The closest option is B, $2,685, which assumes that the revenue from jobs 358 and 359 is equal to their total cost.

Adams Company Is a Manufacturing Company That Has Worked on Several