Answer: Manufacturing overhead for the month was underapplied by $19,000.
Explanation:
From the question, we are informed that before the closing of the overapplied or underapplied balance to cost of goods sold, the total of the debits to the manufacturing overhead account was $75,000 and the total of the credits to the account was $56,000.
This implies that the manufacturing overhead for the month was underapplied by ($75000 - $56000)= $19000. The manufacturing overhead debit balance shows that manufacturing overhead was simply underapplied in this case.
STEM is Science, Tech, Engineering, and Math
Answer: Progressive tax system
Explanation: The progressive tax system is where the income of an individual is taxable based on his or her capacity to pay. The individuals who earn less pay lesser tax as compared to higher-earning individuals.
The tax system doesn’t impose a burden on those who don’t have a sufficient amount to pay as taxes. By doing this the people who earn low income will be able to maintain a high living standard and the people who earn more are able to afford the basic necessities. So it balances the economy.
Answer:
b) $12 million
Explanation:
The new Book Value of the firm at the bigining of next year is $12 million.
In the calulation of Net Pfofit, Interst on loan has already been deducted, so deducting it from the total calculation will be wrong.
hence, only dividend paid will be removed from the addition of the Book Value anf the Net profit.
Closing balance = Opening Book Value + Net Profit - Dividend Paid
Note - The Net Profit is already ne of interest on loan.
Closing balance = $10 + $5 - $3
Closing balance is $12