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Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $541,000 and the total direct labor would be 33,000 hours. Its actual total manufacturing overhead for the year was $790,000 and its actual total direct labor was 34,000 hours.
Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification.
If you received the utility bill for $400 but the bill is not due until the 15th of the following month how would you journalize them? What account would be debited and what would be credited?
B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the TC Partnership. At the same time Chen will invest a building which is worth $90,000 to the partnership. What will be the journal entry to record the formation of t..
What is the Milton Friedman critique of attempts by the Fed to fine tune the economy?
Toby tucker is on a very strict diet and it's allowed a bonus on saturday night if he remains in his diet throughout the week. The bonus must contain no more than 200 mg of sodium and no more of 60 g carbohydrate.
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
Why are budgets useful in the planning process? a) They provide management with information about the company's past performance. b) They help communicate goals and provide a basis for evaluation.
Cardon's Boat Yard, inc repairs store and cleans boats for customers. It is completing the accounting process for the year just ended November 30, 2912, The transactions during 2012 have been journalized and posted. The following data with respect..
What is the definition of unrealized intercompany profit.
Which of the following statements is true when referring to fixed costs?
Hughey Co. as lessee records a capital lease of machinery on January 1, 2011. The seven annual lease payments of $350,000 are made at the end of each year.
Explain how both small and large organizations can benefit from budgeting. Explain why a company can show it has a substantial amount of revenue and yet not able to pay its current liabilities?
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