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o-na [289]
3 years ago
7

When recording Manufacturing Overhead, it is acceptable to use only one account (for both actual and applied) or to use two sepa

rate accounts. If you are using two separate accounts, when recording the application of overhead the credit should be to: Group of answer choices Manufacturing Overhead Applied Manufacturing Overhead Control Neither of these is correct.
Business
2 answers:
ZanzabumX [31]3 years ago
7 0

Answer:

Manufacturing Overhead Applied

Explanation:

The Credit is an entry of the Overheads Applied in the Production Process. Overheads Applied equal the Predetermined Overhead Rate multiplied by the Actual units of production.

The debit will be the Cash payment made on the overheads actually incurred during the Production Process.

The Balance of this Account is an Under or Overrecovery of Overheads used to adjust the Cost of Goods Sold or Other Inventory Items.

Andreyy893 years ago
4 0

Answer:

Yes, it is acceptable to use to use two separate accounts.

When recording the application of overhead the credit should be to: Manufacturing Overhead Control

Explanation:

For ease of accounting, a temporary account called manufacturing overhead control account is created. In this account, actual overhead costs are recorded on the debit side of the  while overhead costs applied to Work in Process using predetermined rates are recorded on the credit side of the account.

The data reported on the manufacturing overhead control within a period includes all indirect costs incurred during the production process they include salaries, etc.

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On the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7% bonds to finance its operations of produci
icang [17]

Answer:

The description for problem is listed throughout the section there on the explanations.

Explanation:

(A)...

(1) Prepare your entry in the report to document the bonds issuance.

To track or record bond issues, debit card wallet, debit discount, including credit bond liable as seen below:

Date                  Account title                     Debit                Credit

1st Jan                    Cash                           $9594415                  -

                 Bond payable discount          $405585  

                                Payable bond                              $10000000

(2) Arrange the entry to report the first half yearly interest payment

For report semi-annual interest charges, departmental interest cost, credit discounts on bonds payable as well as credit cash as can be seen here:

Date                  Account title                     Debit                Credit

30th June       Interest expense               $390559                   -

                  Bond payable discount                -                 $40559

                 Cash (10000000×3.5%)                                 $350000

(3) Arrange the entry to report the Second half yearly interest payment

For report semi-annual interest charges, departmental interest cost, credit discounts on bonds payable as well as credit cash as can be seen here:

Date                  Account title                     Debit                Credit

31st Dec       Interest expense                  $390559                   -

                  Bond payable discount                -                  $40559

                             Cash                                                    $350000

(B)...

Evaluate the sum of first year bond interest.

Particulars                                                        Amounts

Interest expense (350000+350000)             $700,000

Amortized discount (40559+40559)                $81,117

For the first year, Interest expense                  $781,117

(C)...

The corporation sold the bond for $9,594,415 with a maximum interest of $10,000,000. That would be the $405,585 bond is sold cheaply. The debt are heavily discounted because bond market value is greater than that of the coupon price mostly on debt.

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3 years ago
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Explanation:

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The preferred debt-to-income ratio is usually: A. 28 percent B. 36 percent C. 40 percent D. 50 percent
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the preferred debt to income ratio is usually B 36%

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Answer: The _youth_ of an organizational life cycle is characterized by growth and the expansion of organizational resources.

Explanation:

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Rolette Clemens is a financial institution that provides loans to businesses. It rejects a textile company's request for a loan
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Answer:

Balance sheet

Explanation:

Balance sheet: In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:  

Total assets = Total liabilities + stockholder equity  

The debit and credit side of the balance sheet should always be equal and balanced.  

Moreover, it always is prepared on the specified date.

It analyzes the financial profitability, position, performance of the business organization

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