Answer:
manufacturing overhead underallocated for the year $124,102.4
Explanation:
we distribute the expecte rate over the cost dirver
582,100 / 135,000 = 4.3185
150400 x 4.3185 = 649502.4 applied overhead
applied - actual = over or underappied
if actual > applied = underapplied
if actual < applied = overhead
525,400 - 649,502.4 = -124,102.4
I think c or d I’m sorry I’m not ver sure
Answer:
The accounts receivable balance on May 31 is $17850
Explanation:
First we need to determine the amount of credit sales for the month of May. The credit sales for May will be 70% of the total sales for May. Thus, the credit sales for May are,
Credit sales- May = 34000 * 0.7 = $23800
The accounts receivable balance at the end of May will contain the amount due from credit sales that are made in May that are still not collected and will be collected in the next month as per the company's policy.
Accounts receivable at the end of May = 23800 * 0.75 = $17850
Answer:
D) Todd should include the $500 in 2020 gross income in accordance with the tax benefit rule.
Explanation:
Since Todd is a cash basis taxpayer, he included the $1,500 insurance premium in his 2019 tax return. Cash basis taxpayer report revenues or expenses when the cash is received or paid, not when the service is provided.
Since he received a $500 refund in 2020, he should include it in his 2020 tax return. As a cash basis taxpayer, any money received is considered income.
