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3 years ago

LO 4.7In a job order cost system, overhead applied is debited to which account?

Business

1 answer:

BaLLatris [955]3 years ago

7 0

Answer:

work in process inventory

Explanation:

The journal entry to record overhead applied is shown below:

Work in progress inventory A/c Dr XXXXX

To Factory overhead A/c XXXXX

(Being applied overhead is recorded)

And, the journal entry to record over applied is presented below:

Manufacturing overhead A/c Dr XXXXX

To Cost of Goods sold A/c XXXXX

(Being over-applied overhead is recorded)

Over applied is come when actual overhead based on predetermined rate is more than the actual manufacturing overhead

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Ayayai Inc. had the following balance sheet at December 31, 2019.

Mrrafil [7]

Answer:

(a) Increase in cash = $50,200

(b) Total Assets = Liabilities and Stockholders' Equity = $298,900

Explanation:

Note: There are errors as date and name inconsistency in the requirements in this question. The requirements are therefore correctly stated before answering the question as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

The explanation of the answer is now provided as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

Note: See part (a) of the attached excel file for the statement of cash flows for the year 2020 for Ayayai Inc.

In the attached excel file, we have:

Increase in cash = $50,200

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

Note: See part (b) of the attached excel file for the balance sheet as it would appear as of December 31, 2020.

In the attached excel file, we have:

Total Assets = Liabilities and Stockholders' Equity = $298,900

Download xlsx

8 0

2 years ago

This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $218,000. Last year, their total t

romanna [79]

Answer:

1. Yes

2. $7,400

Explanation:

Basic Rules For Estimated Tax For Individuals

Any individual who has estimated tax for the year of $1,000 or more and whose withholding does not equal or exceed the “required annual payment” must make quarterly payments. Otherwise, a penalty may be assessed. The required annual payment is the smaller of the following amounts:

1.Ninety percent of the tax shown on the current year's return.

2.One hundred percent of the tax shown on the preceding year's return (the return must cover the full 12 months of the preceding year). If the AGI on the preceding year's return exceeds $150,000 ($75,000 if married filing separately), the 100% requirement is increased to 110%.

Are Paula and Simon required to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty?

Following the basic rules above, yes, Paula and Simon have to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty.

If so, how much?

Amount of income tax liability = $218,000

In general, taxpayers must pay at least 90 percent of their tax bill during the year to avoid an underpayment penalty when they file.

Therefore Minimum estimated payments-90% : $218,000 * 0.9 = $196,200

110% of the preceding year's tax: $182,000 * 1.10 = $200,200

According to the basic rules the required annual payment is the smaller which is $196,200.

Tax withholding from their employers = $188,800

Estimated tax payments required = $196,200 - $188,800 = $7,400

5 0

2 years ago

Suppose that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream

NeTakaya

Answer:

d. Charities

Explanation:

From the question, we are informed about the Supposed chicken farm which uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream into a lake that has become thick with algae and polluted due to the minerals in the waste matter. The local office of a nonprofit environmental organization successfully lobbies state regulators to stop the farm's pollution. In this case, the types of private solutions to the externality of pollution that has occurred is charity. Private solutions to externalities can varies from charities, business mergers as well as moral codes, all working at self interest of the relevant parties. according to Coase theorem, at low transaction cost two parties can reach efficient outcome after bargaining when externality are present. Charity can be regarded as generosity as well as helpfulness towards those that are less privilege or that are needy and cannot raise their voice.

7 0

2 years ago

Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeM

mihalych1998 [28]

Answer and Explanation:

The preparation of the schedule of cash collections from sales for October, November, and December is presented below:

Particulars October November December

Sales $58,000 $65,000 $72,000

Cash sales $14,500 $16,250 $18,000

($58,000 × 0.25) ($65000 × 0.25) ($72,000 ×.25 )

Credit sale $43,500 $48,750 $54,000

($58,000 - $14,500)

September account receivable $35,000

current month payment

October credit sale: $13,050 $30,450

($43,500 × 30%) (43500 ×70%)

November credit sale $14,625 $34,125

($48,750 × 30%) (48750 × 70% )

December credit sale: $16,200

($54,000 × 30% )

Total cash collected $62,550 $61,325 $68,325

($14,500 + $35,000 + $13,050) ($16,250 + $30,450 + $14,625) ($18,000 + $34,125 + $16,200)

5 0

3 years ago

A conflict that occurs over natural resources in a municipality is typically which of the following type of conflict?

dybincka [34]

Answer:

Local

Explanation:

It's local because it has to do with a town or district.

8 0

2 years ago

Read 2 more answers