Answer:
$7.50 per direct labor hour
Explanation:
Calculation for the predetermined overhead allocation rate
Using this formula
Predetermined overhead allocation rate = Factory overhead/Direct labor hours
Let plug in the formula
Predetermined overhead allocation rate = $1,500,000/200,000 hours
Predetermined overhead allocation rate = $7.50 per direct labor hour
Therefore the predetermined overhead allocation rate is $7.50 per direct labor hour
Answer:
The section of the Accounting Standards Codification that best helps Michael Co. to determine how the initial proceeds of $800,000 received from Wei Co. (buyer-lessor) are recognized is:
ASC 606.
Explanation:
This section that will help Michael Co. to determine if the transaction qualifies as a sale, which is treated under ASC 606, Revenues from Contracts with Customers. Thereafter, the lease classification criteria in ASC 842 are evaluated. After the evaluation, if none of the criteria from ASC 842 are met to account for the lease as a finance or capital lease, the seller-lessee would classify the lease as an operating lease. This implies that the transaction qualifies as a sale and leaseback transaction.
Answer:
The journal entry for the following is shown below:
Explanation:
The journal entry for the following is as follows:
Bad Debts Expense A/c................................Dr $3,600
Allowance for Doubtful Accounts A/c......Cr $3,600
Being the adjusting entry for bad debt expense
Working Note:
Using the percentage of accounts receivable computing the amount of bad debt expense as:
Allowance for doubtful accounts = Accounts receivable × %
= $120,000 × 4%
= $4,800
Now, computing the bade debt expense as:
Bad debt expense = Allowance for doubtful debts - Credit balance
= $4,800 - $1200
= $3,600
Charles' human life value will be $249,200.
<h3>
What is the process of calculating life value?</h3>
The process of calculation of life value in an insurance is that first of all determine the current income and than subtract the expense, premiums of insurance, and payment of income tax. The third step is recall the number of years of earning which are remaining before the age of retirement .The life value is an economic value which is used to judge the benefit for the reason of avoiding the rate of fatality.
The third step is recall the number of years of earning which are remaining before the age of retirement and than find the discounting factor rate including inflation.The life value is an economic value which is used to judge the benefit for the reason of avoiding the rate of fatality.
Therefore, Charles' human life value will be $249,200.
Learn more about life value here:
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Answer:
$96.47
Explanation:
The Cost per thousand (CPM) refers to the cost of a media used in reaching 1,000 members of an audience. The M in CPM is the Roman numeral for 1,000.
The formula for cost per thousand (CPM) is:
CPM = (Cost of 1 Unit of a Media Program) ÷ (Size of Media Program's Audience) x 1,000
Cost of 1 Unit of a Media Program (Cost of the ad) = $82,000
Size of Media Program's Audience(Readership of Metro News)= 850,000
Therefore:
CPM = (82000 ÷ 850000) X 1000
=$96.47
