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Bubba's Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of overhead that is over/underapplied
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All else being equal, when the capital gains tax rate is less than an investor's personal marginal tax rate would the individual prefer that the firm issue dividends or allow the share price to appreciate? Why?
a. Journalize the entries required to complete the closing of the accounts. b. Determine the amount of Retained Earnings at the end of the period.
Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $800,000. The estimated residual value of the building is $50,000 and it has an expected useful life of 25 years.
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