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Blossom Company purchases $51,000 of raw materials on account, and it incurs $61,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $24,480 of direct materials and $35,700 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs.
Problem 1: Journalize the assignment of overhead to the Assembly and Finishing Departments.
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Urban Outsiders has a building that originally cost $440,000. The company expects to be able to sell the facility for $208,000 at the end of its useful life. The balance of the related Accumulated Depreciation account is $119,000. The residual value ..
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What account should be credited in the general fund on the date the grant was received - The grant from the state is an example of what type of non exchange transaction?
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