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Deffense [45]
3 years ago
8

Marvel Company uses a predetermined overhead rate in applying overhead to production orders on a labor-cost basis in Department

A and on a machine-hours basis in Department B. At the beginning of the most recently completed year, the company made the following estimates: Dept. A Dept. B Direct labor cost $ 57,000 $ 34,000 Factory overhead $ 71,250 $ 46,055 Direct labor-hours 8,100 9,100 Machine-hours 4,100 15,100 What predetermined overhead rate would be used in Department A and Department B, respectively?
Business
1 answer:
Alona [7]3 years ago
8 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Marvel Company uses a predetermined overhead rate in applying overhead to production orders on a labor-cost basis in Department A and on a machine-hours basis in Department B.

Dept. A

Factory overhead $ 71,250

Direct labor-hours 8,100

Dept. B

Factory overhead $46,055

Machine-hours 15,100

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base=

Dept A:

Estimated manufacturing overhead rate= 71250/8100= $8.80 per direct labor hour

Dept B:

Estimated manufacturing overhead rate= 46055/15100= $3.05 per direct machine hour

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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:
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a) The journal entries for the transactions relating to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020, are as follows:

<h3>Journal Entries:</h3>

Debit Taxes Receivable $1,000,000

Credit Property Tax Revenue $1,000,000

Debit Other Revenues Receivable $400,000

Credit Other Revenue $400,000

Debit Cash $970,000

Credit Taxes Receivable $970,000

Debit Cash $340,000

Credit Other Revenues Receivable $340,000

Debit Contract Services $106,000

Credit Accounts Payable $106,000

Debit Other Expenditures $1,040,000

Credit Accounts Payable $1,040,000

Debit Accounts Payable $1,204,000

Credit Cash $1,204,000

b) The preparation of the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund is as follows:

City of Buffalo Falls

<h3>Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund</h3>

For the year ended December 31, 2020

Property Tax Revenue              $1,000,000

Other Revenue                              400,000

Total Revenues                         $1,400,000

Expenditures:

Contract Services     $106,000

Other Expenditures 1,040,000

Total expenditures                   $1,146,000

Changes in Fund Balance        $254,000

c) The preparation of the Balance Sheet for the General Fund is as follows:

City of Buffalo Falls

<h3>Balance Sheet</h3>

As of December 31, 2020

Cash                                              $216,000

Taxes Receivable                          245,000

Other Revenues Receivable          60,000

Total Assets =                              $521,000

Accounts Payable                          $7,000

Fund Balance                               514,000

Total liabilities + Fund balance $521,000

<h3>Data:</h3>

Beginning balances:

Cash, $110,000

Taxes Receivable, $215,000

Accounts Payable, $65,000

Fund Balance, $260,000

<h3>Budget:</h3>

Estimated revenues =        $1,400,000

Estimated expenditures =  $1,294,000

Estimated budget surplus = $106,000

<h3>Transaction Analysis:</h3>

Taxes Receivable $1,000,000 Property Tax Revenue $1,000,000

Other Revenues Receivable $400,000 Other Revenue $400,000

Cash $970,000 Taxes Receivable $970,000

Cash $340,000 Other Revenues Receivable $340,000

Contract Services $106,000 Accounts Payable $106,000

Other Expenditures $1,040,000 Accounts Payable $1,040,000

Accounts Payable $1,204,000 Cash $1,204,000

<h3>Accounts Balances:</h3>

Cash, $216,000 ($110,000 + $970,000 + $340,000 - $1,204,000)

Taxes Receivable, $245,000 ($215,000 + $1,000,000 - $970,000)

Other Revenues Receivable $60,000 ($400,000 - $340,000)

Accounts Payable, $7,000 ($65,000 + $106,000 + $1,040,000 - $1,204,000)

Fund Balance, $514,000 ($260,000 + $254,000)

Learn more about Statement of Revenues, Expenditures, and Changes in Fund Balance at brainly.com/question/13814211

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sweet-ann [11.9K]

The correct answer is D

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Answer:

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Explanation:

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2 years ago
a 16-year-old applied for a conventional loan in order to purchase a condominium. the lender denied the application, citing the
notsponge [240]

The true statement about this loan application is that: C. the lender lawfully denied the application because the applicant was under 18 and therefore was too young to legally sign a contract.

<h3>What is a loan?</h3>

A loan can be defined as an amount of money that is typically being borrowed by a borrower from a bank or other financial institutions (lender), and it is generally expected to be paid back by a borrower to the lender at a specific period of time with an agreed interest.

Generally, there are different types of loans and these include the following:

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<h3>What is a contract?</h3>

A contract can be defined as a formally written agreement between two or more parties such as a group of people, team, etc., which primarily gives rise to a mutual legal obligation that is enforceable by law across specific jurisdiction in the world.

In this context, we can reasonably infer and logically deduce that the true statement about this loan application is that the lender lawfully denied the application submitted by this 16-year-old applicant (borrower) because she was under 18 and therefore was too young to legally sign a contract.

Read more on a contracts here: brainly.com/question/17185606

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Complete Question:

A 16 year old female applied for a conventional loan in order to purchase a condominium. The lender denied the application, citing the applicant's age as the reason for the denial. Which of these is true?

A: the lender violated the ECOA because the applicant is female and sex cannot be a lending consideration

B: the lender violated the ECOA because lending decisions can not be based on age

C: the lender lawfully denied the application because the applicant was under 18 and therefore was too young to legally sign a contract

D: none of these are true

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Katen [24]

Answer: Option B                              

               

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