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The predetermined overhead allocation rate for Harris, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000. Actual cost incurred were:Direct material $250,000Direct labor 410,000Indirect material 55,000Indirect labor 125,000Sales commissions 50,000Factory depreciation 170,000Property taxes, factory 15,000Factory utilities 35,000Advertising 62,500Factory equipment rental 100,000a. Calculate the predetermined overhead allocation rate. b. Calculate the overhead cost applied during the year.c. Determine the amount of over- or underapplied overhead. d. Prepare thejournal entry to eliminate the over- or underapplied overhead assuming that it is not material in amount.
Fluent an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: US Series EE bonds, bonds for industrial dev..
When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as forrign income exhange loss?
How much should the town report as property tax revenue in its General Fund statements for the year 2009?
Tonga Industries reported the following: Net Sales $450,000 Cost of goods sold $360,000 Operating expenses $60,000 Tax Rate 40% The net income is:
An investor recently purchased a corporate bond which yields 9 percent. The investor is in the 36 percent combined federal and state tax bracket. What is the bond's after-tax yield?
On July 1, 1998, when Betty was 65 years old, she purchased an annuity contract for $108,000. The annuity was to pay Betty $9,000 on June 30 each year for the remainder of her life. Betty died on March 31, 2011. What are the effects of the annuity..
Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
Prepare Journal Entries for the government based on the production of fund-based financial statements. Than prepare JE entries in anticipation of preparing governement-wide financial statements.
What bodies provide authoritative support for GAAP? What elements comprise the FASB's conceptual framework?
Record each transaction in journal form and post to the appropriate accounts in the ledger. Prepare a Trial Balance for January 31, 2008.
"For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers.
What are the options for an entity trying to invest in its growth? How does Apollo finance its business? Did you identify any errors or findings in Apollo's long term liabilities? Do the activities of Apollo require any additional or particular di..
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