Answer:
<u>a. $2,673 over applied</u>
Explanation:
a. Remember, it was mentioned that the company's predetermined overhead rate is $81 per hour of bandsaw use, although the actual hours of bandsaw use 153.
Calculating the results we have $2,673 over applied (actual value= $81*153-$15,066).
b. In preparing an income statement all underapplied overhead would be recorded as a prepaid expense on the balance sheet and then corrected through increasing cost of goods sold at the end of the time period.
Answer:
$1,411.25
Explanation:
The computation of the combined gross monthly income is shown below:
The earnings of Jose = $23.50 × 40 hours = $940
And, the earnings of Zola is
= $21.50 × 40 hours + 5 hours × $21.50
= $860 + $161.25
The total earnings is
= $940 + $860 + $161.25
= $1,961.25
And, the expenses are
= $500 + $50
= $550
So the combined gross monthly income is
= $1,961.25 - $550
= $1,411.25
Answer:
The correct answer is letter "B": after the financial statements are prepared.
Explanation:
A closing entry is a journal entry after the preparation of the financial statements, at the end of an accounting period. This closes a temporary account and moves all the information either to a permanent balance sheet or to the income statement. Temporary accounts include revenue, expenses, and dividends and must be closed at the end of the year.
Answer and Explanation:
The preparation of the operating activities section is presented below
Cash Flows from operating activities
Net Income $88,000
Adjustment made for non cash items:
Depreciation Expense $19,000
Add: Decrease in Account Receivable $15000 ($70,000 - $85,000)
Less: Increase in Inventory $(5000) ($40,000 - $35,000)
Less: Decrease in accounts payable $(8000) ($54,000 - $62,000)
Net cash flows from operating activities $109,000
Answer:
violation/accident.
Explanation:
Its violation because its a violation to the property, but you also can use accident because it mean a situation not done on purpose or something unexpected which will cause damage or injury.
