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Acme Fireworks uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $1,000,000 and direct labor hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and actual overhead was $978,000.
(a) Compute the predetermined manufacturing overhead rate.
(b) Compute the applied manufacturing overhead.
(c) Compute the amount of over/under applied manufacturing overhead.
Describe the three methods used to allocate joint costs. What are the advantages/disadvantages of each allocation method? Which method would you recommend? Why
Give Sapling's entries reflecting the purchase of wood chipper. Give Fir's entries reflecting the sale of wood chipper.
On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.
Compute the failure to pay and failure to file penalties for John, who filed his 2010 income tax return on October 20, 2011, paying the $30000 amount due at that time.
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?
Determine the annual net cost of these checking accounts: a. Monthly fee $5, check-processing fee of 25 cents, average of 19 checks written per month.
The Carlton Organization rents its hotel rooms for $600 per night with variable expenses of $450 per room. What is the organizations contribution margin rate.
They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for ..
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
List three potential reasons for such a significant decline. What are three things Mark should consider doing to improve the ratio? How is the accounts receivable turnover ratio used and what does it measure?"
A loss of $35,000 from the sale of equipment would be included in which of the activities sections of the statement of cash flow.
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