Answer:
$225,000
Explanation:
Federal corporate income tax (21% flat rate)
$1,000,000 x 21% = $210,000
Federal dividend tax (15%).
$100,000 x 15% = $15,000
Dividens are neither expenses nor deductible, so they do not reduce the amount of corporate taxable income. Therefore we must add up the two quantities.
$210,000 + $15,000 = $225,000
Answer and Explanation:
The classification is as follows
1. Investing activities : Since there is cash received from the sale of equipment so the same is to be shown in the investing activities in a positive amount
2. Investing activities
: Since there is cash paid for buy the long term investment so the same is to be shown in the investing activities in a negative amount
3. Financing activities
: Since the cash is received so the same is to be shown in the financing activities in a positive amount
4. Financing activities : Since the issuance of preferred stock is there so the same is to be shown in the financing activities in a positive amount
5. Financing activities : Since the cash is paid so the same is to be shown in the financing activities in a negative amount
6. Operating activities : Since the cash is received so the same is to be shown in the operating activities in the direct method as a positive amount
7. Operating activities : Since the inventories are purchased so the same is to be shown in the operating activities in the direct method as a negative amount
8. Operating activities
: Since the cash is paid so the same is to be shown in the operating activities in the direct method as a negative amount
9. Operating activities : Since the cash is paid so the same is to be shown in the operating activities in the direct method as a negative amount
10. Investing activities : Since the investment is sold so the same is to be shown in the investing activities in a positive amount
Answer:
A Bill
Explanation:
A bill is a request for payment. A bill is usually considered from the customer's standpoint. It's common to receive a bill without an invoice, as in a restaurant or retail store. A bill is usually given with the expectation of immediate payment.
Answer:
a. $2.4
b. $10,000 under-applied
c. Cost of goods sold A/c Dr $10,000
To Manufacturing overhead $10,000
Explanation:
a. The computation of the manufacturing overhead rate is shown below:
Manufacturing overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)
= $300,000 ÷ 125,000 hours
= $2.4
(B) Now we have to find the actual overhead which equals to
= Actual direct labor-hours × predetermined overhead rate
= 130,000 hours × $2.4
= $312,000
So, the ending overhead equals to
= Actual manufacturing overhead - actual overhead
= $322,000 - $312,000
= $10,000 under-applied
c. The adjusting entry is shown below:
Cost of goods sold A/c Dr $10,000
To Manufacturing overhead $10,000
(Being the under-applied overhead is adjusted)
