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3 years ago

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Which terms will make the following statement true? When manufacturing overhead is overapplied, the Manufacturing Overhead accou

nt has a __________ balance and applied manufacturing overhead is greater than __________ manufacturing overhead.
a) debit, actual
b) credit, actual
c) debit, estimated
d) credit, estimated

1 answer:

Free_Kalibri [48]3 years ago

7 0

Answer:

b) credit, actual

Explanation:

The journal entry to record the over applied overhead is

Cost of Goods sold A/c Dr XXXXXX

To Manufacturing overhead A/c XXXXXX

(Being the over-applied overhead is recorded)

The over-applied overhead is arise when the applied manufacturing overhead is more than the actual manufacturing overhead

In mathematically

= Applied manufacturing overhead - actual manufacturing overhead

= Over-applied

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The operating revenues of the three largest business segments for Time Warner, Inc., for a recent year follow. Each segment incl

Kisachek [45]

Answer:

Time Warner, Inc.

a.

Turner Home Box Office Warner Bros. Total

Segment Revenues

(in millions) $21,700 $22,200 $80,600 $124,500

Variable costs 4,774 10,434 25,792 41,000

Contribution margin $16,926 $11,766 $54,808 $83,500

Contribution ratio 78% (100 - 22) 53% (100 -47) 68% (100 -32) 67%

b. Certainly, Turnover and Warner Bros. are more profitable businesses than Home Box Office in terms of total contribution margin (dollars) and contribution margin ratio.

Explanation:

a) Data and Calculations:

Segment Revenues

(in millions)

Turner (cable networks and digital media) $21,700

Home Box Office (pay television) 22,200

Warner Bros. (films, television, and videos) 80,600

Assume that the variable costs as a percent of sales for each segment are as follows:

Turner 22%

Home Box Office 47%

Warner Bros. 32%

b) The contribution margin ratio for the three segments can easily be determined by subtracting the variable costs percentages from 100 for each segment instead of doing more computations (Contribution margin/Sales Revenue * 100). But the results are the same for either method.

6 0

3 years ago

Measuring business activities and reporting those measurements to external parties is the function of ______ accounting.

Andru [333]

Answer:

Financial

Explanation:

Basically, there are two forms of accounting for measuring business activities namely; Financial accounting and Management accounting.

Financial accounting involves the measurement of the business activities over a period using a defined framework or standard such as US GAAP, IFRS, etc. This is usually presented in a form of statements called the financial statements and is used by internal and external stakeholders such as Government, creditors, shareholders etc.

Management account is usually prepared for management purposes and measures the company's actual activities against the budget or plan.

The right answer is financial accounting.

3 0

3 years ago

George bought a car for $26,500. he made no down-payment and financed the entire amount on a 5-year term with a monthly payment

pentagon [3]

Given:
Principal, P = 26500
term=5 years
Monthly payment, A = 695

Question: Find interest rate

Solution:
Unless there is a table available, there is no explicit formula to calculate interest. However, the interest rate can be solved for using the formula to calculate the monthly payment, as follows.

$A=\frac{P(i*(1+i)^{n})}{(1+i)^{n}-1}$
Substituting
P=26500
i=monthly interest rate to be found
A=monthly payment=695
n=5*12=60 months
$A=\frac{26500(i*(1+i)^{60})}{(1+i)^{60}-1}$
Rearrange to give successive estimates of i by
I(i)=(695/26500)*((1+i)^60-1)/(1+i)^60
Try initial estimate of i=0.02 (2% per month)
I(0.02)=0.0182
I(0.0182)=0.01736
I(0.01736)=0.01689
....
Eventually we get the value to stabilize at i=0.016265, or
Monthly interest = 1.6265% (to four decimal places)

4 0

3 years ago

A company has net income of $ 225,000 and declares and pays dividends in the amount of $ 75,000 . What is the net impact on reta

egoroff_w [7]

A company has net income of $ 225,000 and declares and pays dividends in the amount of $ 75,000 .

c. An increase of $ 150,000 is the net impact on retained earnings is the correct option.

Income is the consumption and savings opportunity that a business captures within a specific time frame, usually expressed in money. Income is difficult to define conceptually and definitions vary by region.

For most people, income means gross income in the form of wages and salaries, return on investment, pension payments, and other income.

The definition of income is the amount of money received by an individual, group or business during a specified period. An example of income is an annual salary of $70,000.

Learn more about income here:brainly.com/question/25745683
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7 0

2 years ago

Use the following information:

seraphim [82]

Answer:

Windswept, Inc.

The total dividends paid for 2017 is:

= $556.

Explanation:

a) Data and Calculations:

Windswept, Inc.

Income Statement for the year ended December 31, 2017:

Net Sales $9,740

Cost of goods sold 7,910

Depreciation 480

Earnings before interest and taxes $1,350

Interest paid 110

Taxable income $1,240

Taxes 434

Net income $806

Windswept, Inc.

2016 and 2017 Balance Sheets ($ in millions)

2016 2017 2016 2017

Cash $260 $290 Accounts payable $1,490 $1,460

Accounts rec. 1,060 960 Long-term debt 1,130 1,330

Inventory 1,900 1,740 Common stock 3,400 3,340

Total $3,220 $2,990 Retained earnings 670 920

Net fixed assets 3,470 4,060

Total assets $6,690 $7,050 Total liab. & equity $6,690 $7,050

The total dividends paid for 2017:

Retained earnings, Dec. 31, 2016 $670

Net income for the year, 2017 806

Less Retained earnings, Dec. 31, 2017 920

Dividends paid $556

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3 years ago