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Southern Rim Parts estimates its manufacturing overhead to be $374,500 and its direct labor costs to be $1,070,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $66,000 for Job 301, $91,000 for Job 302, and $180,000 for Job 303. For the year, actual manufacturing overhead was $394,000 and total direct labor cost was $833,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.
What was the over- or underapplied manufacturing overhead for year 1?
Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amount of the asset.
Leo Lion Corporation incurred manufacturing wages of $17,000, 55% of which were direct labor charges and 45% indirect labor charges. In a single journal entry give the journal entry to record the direct and indirect labor incurred.
abc inc. is adopting ifrs for the first time effective december 31 2016.nbsp their opening statement of financial
Union Local School District has bonds outstanding with a coupon rate of 3.2 percent paid semiannually and 23 years to maturity. The yield to maturity on these bonds is 3.7 percent and the bonds have a par value of $5,000. What is the price of the bon..
On January 20, 2015, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. Identify several courses of action that Tamira could have taken instead of the one she took. If you were in Ta..
On the first day of the fiscal year, a company issues $80,000, 7%, seven-year instalment notes that have annual payments of $14,844. The first note payment consists of $5,600 of interest and $9,244 of principal repayment. Journalize the entry to reco..
Rob, Bill, and Steve form Big Company. Rob performs $45,000 of services for his shares of the company. Bill transferred property with a basis of $5,000 for $75,000 of stock. Steve contributes cash of $100,000 for his shares. Which of the three must r..
Information related to Harwick Co. is presented below. On April 5, purchased merchandise from Botham Company for $32,400, terms 3/10, net/30, FOB shipping point. On April 6, paid freight costs of $860 on merchandise purchased from Botham. On April 8,..
Briefly discuss the operating performance and financial position of Sepracor. Industry averages for these ratios in 2007 were: ROA 3.5%; return on equity 16%; and debt to assets 75%. Based on this analysis would you make an investment in the compa..
1. a company purchased factory equipment on june 1 2013 for 80000. it is estimated that the equipment will have a 5000
finding the npv irr and payback period.book amp bible bookstore desires to buy a new coding machine to help control
Jackson Consulting, Inc. had the following accounts and balances at December 31: Account Debit Credit Cash $20,000 Accounts Receivable 6,000 Prepaid Insurance 1,500 Supplies 5,000 Accounts Payable $500 Common Stock 16,200 Dividends 1,000 Service Reve..
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