What information is the buyer entitled to?

The Thomlin Company estimates that total overhead for the current year will be $16,000,000 and that total machine hours will be

Radda [10]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

The Thomlin Company estimates that total overhead for the current year will be $16,000,000 and that total machine hours will be 200,000 hours.

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

Estimated manufacturing overhead rate= 16,000,000/200,000= $80 per machine hour

5 0

3 years ago

Which of the following statements about the W-2 form is TRUE? A. The W-2 includes information about the interest you earned from

Greeley [361]

Answer:

B. You need a separate W-2 form from EACH of your employers in order to file your taxes.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

In order to ensure that, all employees pay taxes on the income earned throughout the year, the internal revenue service (IRS) has made it compulsory and mandatory for all employers to make available a W-2 Form to all their employees, so as to enable these employees fill out the total amount of wages, how much income tax is to be withheld from their respective paycheck in relation to their filing status and how much was paid as tax the previous year. Therefore, a W-2 form is used by an employer to report the wages paid to each employee, calculate how much tax should be withheld from his or her employee's paycheck and submitted to the internal revenue service (IRS).

Additionally, any employee who defaults in the payment of his or her income tax would be faced with stiff penalties such as failure-to-file, paying a fine etc.

Hence, the true statement regarding a W-2 form is that, as an employer you need a separate W-2 form from each of your employers in order to file your taxes.

6 0

3 years ago

World Company expects to operate at 80% of its productive capacity of 61,250 units per month. At this planned level, the company

yaroslaw [1]

Answer:

$2,880 unfavorable

Explanation:

A difference between the actual and estimated (budgeted) quantity of consumption of a product at standard rate

Formula for volume variance

Volume variance = (Actual quantity - budgeted Quantity) x Standard Rate

Budgeted Fixed overhead rate = $47,040 / $29,400 = $1.60 per direct labor hour

Budgeted Variable overhead rate = 355740/29400 = $12.10 per direct labor hour

Standard direct labor hour = ( 29,400 / 49,000) x 46,000 = 27600 direct labor hour

Fixed OH applied = 27,600 hours x $1.6 per direct labor hour = $44,160

Variable OH applied = 27,600 x $12.10 per direct labor hour = $333.960

Total overhead applied = $44,160 + $333,960 = $378,120

Budgeted Overhead = $47,040 + $333,960 = $381,000

Volume variance = Budgeted overhead - Total overhead applied

= 381,000 - $378,120 = $2,880 unfavorable

As actual production used more labor hours than estimated, so the volume variance is unfavorable.

8 0

3 years ago

Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par

polet [3.4K]

Answer:

Stahl Company

Stockholders' Equity section of the balance sheet

As of December 31, 2019

Authorized shares:

Common Stock, 600,000 at $2 par value

6%, Preferred Stock, 80,000 at $20 par value

Issued shares:

Common stock, 75,000 at $2 par value $150,000

6% Preferred stock, 5,000 at $20 par value 100,000

Additional Paid-in Capital, Common stock 975,000

Additional Paid-in Capital, 6% Preferred stock 25,000

Retained earnings, December 31, 2019 500,000

Total equity $1,750,000

Explanation:

a) Data and Calculations:

Authorized shares:

Common Stock, 600,000 at $2 par value

6%, Preferred Stock, 80,000 at $20 par value

Issued shares:

Cash $1,125,000 Common stock $150,000 Additional Paid-in Capital, Common stock (75,000 * $13) $975,000

Cash $125,000 6% Preferred stock, $100,000 Additional Paid-in Capital, 6% Preferred stock $25,000 ($5 * 5,000)

Retained earnings, December 31, 2019 = $500,000

6 0

3 years ago

Which of the following is most likely to represent a fixed rate, secured debt?

myrzilka [38]

A student loans are more professional and stiff

4 0

3 years ago

Read 2 more answers