Contracts can be discharged by performance: complete performance discharges both sides; material breach discharges the breaching party, who has a right to claim damages; substantial performance obligates the promisee to pay something for the benefit conferred but is a breach.
Answer:
$57,400
Explanation:
The computation of the estimated total manufacturing overhead for the Customizing Department is shown below:
= Total fixed manufacturing overhead cost + Direct labor-hours × Variable manufacturing overhead per direct labor-hour
= $35,000 + 7,000 direct labor hours × $3.20
= $35,000 + $22,400
= $57,400
All other information that is given in the question is ignored.
Answer:
$17,300
Explanation:
The retained earnings represents the amount paid to the shareholders out of the net income. The net income/loss balance over the period of existence of the company gives the retained earnings balance.
As such, a net income increases the retained earnings, a net loss reduces it. Dividend declared and paid decreases the retained earnings account balance.
For retained earnings,
Opening balance + Net income - Dividend declared = Closing balance
$23,100 + $18,400 - Dividend declared = $24,200
Dividend declared = $23,100 + $18,400 - $24,200
= $17,300
