Answer:
a. $29.23
b. $146,150
Explanation:
a. The computation of overhead application rate is shown below:-
Overhead application rate = Total standard overhead ÷ Total standard hours
= $163,710 ÷ (1,120 × 5)
= $163,710 ÷ 5,600
= $29.23
So, for determining the overhead application rate we simply divide the total standard overhead by total standard hours.
b. The computation of overhead was applied to production is shown below:-
Applied overhead = Standard hours for actual production × Overhead application rate
= 5,000 × $29.23
= $146,150
So, for determining the applied overhead we simply divide the standard hours for actual production by overhead application rate
Answer: See explanation
Explanation:
1. What type of fraud is Jill committing?
The fraud that Jill is committing is known as theft of cash through fraudulent disbursements. In this case, Jill is using a register disbursement scheme which involves false voids of customer sales. During the time of sale, a record is made and another record is then created again which is used for the false void.
2. What could the florist do to prevent this type of fraud from occurring?
To prevent this fraud, a receipt should be attached and the florist should make sure that every vital information about all sales are collected such as customers name, time, amount of goods bought, signature and f customers etc
Answer:
2. Have both the buyer and seller sign required disclosures describing the designated sales agency relationship and stating that each the buyer and seller have assets of $1 million or more.
The correct statement regarding the income tax is Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future. hence option C is correct
<h3>
What is income tax?</h3>
A tax placed on people or organizations in relation to their income or profits is known as an income tax. Tax rates multiplied by taxable income are typically used to calculate income taxes. Tax rates might change depending on the taxpayer's attributes and source of income.
The complete part of the question is below:
A) Review Later Income tax expense includes both the amount of tax payable in the current period and the amount of tax due in future periods.
B)Income taxes are based on taxable income and not accounting income.
C)Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future.
D)Deferred taxes arise because of temporary differences between the tax base and the carrying amount of assets and liabilities on the balance sheet.
Hence option C is correct.
Learn more about income tax:
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Answer:
$39,220
Explanation:
The maturity value of the note receivable on June 30, 2012
= Principal + Interest
= $40,000 + $40,000 x 6%
= $40,000 + $2,400
= $ 42,400
The note is discounted on September 30, 2011. Time period remaining to go till maturity as on September 30, 2011
= 12 - 3 months ( July, Aug and Sep)
= 9 months.
Amount of deduction
= $ 42,400 x 10% x 9/12
= $ 3,180
Finally, the Cash received by Ireland will be
= Maturity value - Discount
= $42,400 - $ 3,180
= $39,220
