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natita [175]
3 years ago
6

Information for Hobson Corp. for the current year ($ in millions):

Business
1 answer:
madam [21]3 years ago
8 0

Answer:

Income before tax of $17,000,000

net income                   $12,750,000

Explanation:

Hobson income from continuing operations can be computed by eliminating transactions relating to discontinued operations from the details provided:

Income from continuing operations     $215,000,0000

additional warranty expense                  ($70,000,000)

additional depreciation                           ($145,000,000)

non-deductible portion of advertising        $17,000,000

income before tax                                        $17,000,000

tax  at 25%*$17 million                                    ($4,250,000)

Net income                                                      $12,750,000  

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Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe. Schell has a
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Answer:

Instructions are below.

Explanation:

Giving the following information:

Schell has a total of $39,060 in overhead.

Direct labor hours:

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To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

1) Direct labor hours as allocation rate

Estimated manufacturing overhead rate= 39,060/600= $65.1 per direct labor hour

Now, we can allocate to each product line:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Standard= 65.1*400= $26,040

Deluxe= 65.1*200= $13,020

2) Machine hour as allocation rate:

Estimated manufacturing overhead rate= 39,060/7,150= $5.46 per machine hour

Now, we can allocate to each product line:

Standard= 5.46* 4,150= $22,659

Deluxe= 5.46*3,000= $16,380

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Answer:

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Explanation:

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the bookkeeper for Blue Spruce Equipment Repair made a number of errors in journalizing and posting, as described below. For eac
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Answer:

Note: The full question is attached as picture below

                               (a)                   (b)                   (c)  

                                In                                      Larger  

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1.                               No               $725             Debit  

2.                             Yes                 NA                NA  

3.                              Yes                 NA                NA  

4.                               No               $225            Credit  

5.                              Yes               $684               NA  

6.                               No                $45             Credit

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