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3 years ago

The following events occur for The Underwood Corporation during 2015 and 2016, its first two years of operations.

Business

1 answer:

Montano1993 [528]3 years ago

8 0

Answer:

Explanation:

12-June

Dr Accounts revenue $40,400

Cr Service revenue $40,400

17- September

Dr Cash $24,500

Cr Accounts receivable $24,500

31- December

Dr Bad debt expense $7,155 [(40,400-24,500)*45%]

Cr Allowance for uncollectible accounts $7,155

4- March

Dr Accounts receivable $55,400

Cr Service revenue $55,400

20- May

Dr Cash $10,000

Cr Accounts receivable $10,000

2- July

Dr Allowance for uncollectible accounts $5900

Cr Accounts receivable [40400-24,500-10,000] $5,900

19- Oct

Dr Cash $44,500

Cr Accounts receivable $44,500

31- Dec

Dr Bad debts expense $3,650

Cr Allowance for uncollectible accounts[(55,400-44,500)*45%-1255] 3,650

2015:

total accounts receivable 15,900

allowance for uncollectible accounts 7,155

net realizable value 8745 [15,900-7,155]

2016:

total accounts receivable 10,900

allowance for uncollectible accounts 4,905

net realizable value 5995 [10,900-4,905]

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Olinick Corporation is considering a project that would require an investment of $324,000 and would last for 8 years. The increm

mylen [45]

Answer:

Payback period = 3.5 years

Explanation:

Net income $50,000.00

Add: Depreciation expense<u> $42,000.00</u>

Net annual cash inflow <u> $92,000.00</u>

Payback period = Initial investment / Annual cash inflows

= $324,000 / $92,000

= 3.5 years

5 0

3 years ago

DL variances

diamong [38]

Answer:

Logen Construction

a. Standard hours for July Production = 3,350

b. Actual hourly wage rate = $18.25

c. Direct labor variances:

i. Labor Rate Variance = $827.50 U

ii. Labor Efficiency Variance = $720 F

iii. Total Labor Variance = $107.50 U

Explanation:

a) Data and Calculations:

Direct labor hours per frame = 5 hours

Standard hourly labor rate = $18

Standard direct labor cost per frame = $90 ($18 * 5)

Number of frames produced in July = 670

Actual direct labor hours = 3,310

Actual wages earned by workers = $60,407.50

a. Standard hours for July Production = Actual production unit multiplied by standard hours per unit

= 3,350 (670 * 5) hours

b. Actual hourly wage rate = Actual direct labor cost divided by actual direct labor hours

= $18.25 ($60,407.50/3,310)

c. Direct labor variances:

i. Labor Rate Variance = Standard direct labor rate - Actual direct labor rate * Actual direct labor hours

= $827.50 U ($18 - $18.25) * 3,310

ii. Labor Efficiency Variance = Standard direct labor hours - Actual direct labor hours * Standard Direct Labor Rate

= $720 F (3,350 - 3,310) * $18

iii. Total Labor Variance = Standard Direct Labor Cost - Actual Direct Labor Cost

= $107.50 U ($60,300 - $60,407.50)

3 0

3 years ago

At the beginning of the year, a company predicts total overhead costs of $690,900. The company applies overhead using machine ho

nignag [31]

Answer:

$9,400

Explanation:

We know,

predetermined overhead rate for machine hour = $\frac{total overhead cost}{total machine hour}$

Given,

Total overhead cost = $690,900

Total machine hours = 1,470

Putting the values into the formula, we can get

predetermined overhead rate for machine hour = $\frac{690,900}{1,470}$

predetermined overhead rate for machine hour = $470

When we use a separate job, the overhead cost will be = predetermined overhead rate × total hours used by the job.

The amount of overhead should be applied to Job 65A if that job uses 20 machine hours during January = 20 hours × $470 = $9,400

6 0

3 years ago

The following information is for S&P Enterprises for the month of September: Direct materials $82,000 Direct labor $51,000 V

prisoha [69]

Answer and Explanation:

The computation of the total period cost is shown below:

Variable selling expense $16,000

Fixed selling expense $15,000

Variable administrative expense $6,000

Fixed administrative expense $18,000

Total period Cost $51,000

ANd, the total fixed cost is

Fixed Manufacturing overheads $30,000

Fixed selling expenses $15,000

fixed admin expenses $18,000

Total fixed cost $63,000

We simply added all the above items

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3 years ago

A trust is a legal document that explains how a person wishes his property to be transferred.

Kaylis [27]

This is TRUEEEEEEEEEEE

6 0

4 years ago

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