Reference no: EM131259466
Ryan's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost ?$235,000 Actual manufacturing overhead cost ?$244,000 Estimated machine hours ?20,000 Actual machine hours ?22,500 The estimates were made as of the beginning of the? year, while the actual results were for the entire year. The amount of manufacturing overhead allocated for the year based on machine hours would have been A. ?$264,375. B. ?$239,500. C. ?$244,000. D. ?$235,000.
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Chart of accounts for exact wording of account titles
: On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principal repayment. Journalize the following tr..
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Dodd-frank wall street reform and consumer protection act
: Reflect on the impact of fraud, specifically the regulatory acts, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which have been put into place due to the many fraud cases in the early 2000s...
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Feeling pressure to complete the annual financial statements
: 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..
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Calculate social security taxes
: Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $12,900. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $111,400. (Social Security maximum is 6.2% ..
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Estimated manufacturing overhead cost
: Ryan's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost ?$235,000 Actual manufacturing overhead cost ?$244,000 Estimated machine hours ?20,000 Actual machine hours ..
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Produce the consolidated worksheet
: Michiana Corporation acquired all of halpern stock on January 1 2014 for $600,000 cash. Halpern's accounting record showed net assets on that date of $470,000 although equipment with a 10 year life was undervalued on the records by 90000. Any recongn..
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Appear on the job cost sheet for job
: Grand Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at $80,000 and ..
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Determine the amount of underapplied or overapplied overhead
: Grand Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at $80,000 and ..
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Journalize the entries to record issuance of the bonds
: On January 1, 2016, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 x 5% x ½ year), receiving cash of $500,000. Journalize the entries to record (a) the issuance of th..
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