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Katarina [22]
3 years ago
7

"E3-26A Record manufacturing overhead (Learning Objectives 5 & 6) Refer to the data in Exercise 3-25A. Smith’s accountant fo

und an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $364,000, not the $480,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $610,000."
a. Prepare the journal entry (entries) to record manufacturing overhead costs incurred.
b. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production.
c. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated, and by how much.
d. Record the entry to close out the underallocated or overallocated manufacturing overhead.
Business
1 answer:
Kipish [7]3 years ago
4 0

Explanation:

Journal entries are used by Accountants to post transactions into the respective General Ledger of a business.

It typically shows a debit side which records increase to expenses or Assets, it also could be a reduction to Income or Liabilities (if it is an adjustment Journal). And it also shows a credit side which records an increase to Income or Liability, it could also be a reduction to expense or Asset (if it's an adjustment journal)

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Tomas would like to know whether his new business will be profitable, how much financing he will need, and whether he will have
Crank

Answer:

Pro forma financial statements

Explanation:

The term pro forma financial statements refers to a type of financial statement which estimates future financial results. It doesn't follow the GAAP, instead it is designed to focus on specific figures about a company's expected earnings. Although pro forma financials are only expected financial statements, it is still illegal to mislead investors using them.

By preparing a pro forma financial statement, Tomas will be able to estimate if his new business will be profitable or not, approximately how much financing he will need and estimate the future cash flows of his project.

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3 years ago
If the balance on the current account is $346 billion and the balance on the financial account is -$204 billion, what is the bal
Zina [86]

Answer:

The balance on the capital account=-$142 billion

Explanation:

The formula for determining the balance on the capital account can be expressed as;

CU+FA+CA+SD=0

where;

CU=balance on the current account

FA=balance on the financial account

CA=balance on the capital account

SD=statistical discrepancy

In our case;

balance on the current account=$346 billion

balance on the financial account=-$204 billion

balance on the capital account=unknown=c

statistical discrepancy=0

replacing;

346+(-204)+c+0=0

142+c=0

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The balance on the capital account=-$142 billion

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3 years ago
Choose all that apply.
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Answer:

7

Explanation:

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John is the chief operating officer (CEO) at an advertising company. He conducts bi-weekly meetings with his middle managers thr
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According to my research on different organizational roles and responsibilities, I can say that based on the information provided within the question John exhibits characteristics of the leading function of management. This is a characteristic that is needed for a CEO because he/she needs to be able to lead their team correctly in order to be able to make the organization succeed.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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