Answer:
Applied overhead = $424,320
Explanation:
Overheads are applied using the predetermined overhead absorption rate (POAR).
T<em>he applied overhead = POAR × standard machine hours allowed for actual actual output.</em>
POAR = Budgeted overheads/Budgeted machine hours
OAR= $ 495,040 /59,500
=$8.32
Overhead applied = 8.32 × 30,000× 1,70= 424,320
Applied overhead = $424,320
Answer: $20500
Explanation:
Bad debt is the amount of money that a credit owes the company and is not willing to be paid hence may not be collected.
The amount that Marigold should record as "bad debt expense" for the year ended December 31, 2020 goes thus:
Bad debt allowance balance needed =
$16700
Add: Bad debt that are written off = $26800
Less: Allowance for doubtful accounts = $23000
Bad debt expense will now be:
= $16700 + $26800 - $23,000
= $43500 - $23000
= $20500
Answer:
1. FALSE
2.TRUE
3. TRUE
4.TRUE
Explanation:
1. It is FALSE which means each voucher should NOT be approved for payment by a designated official before verifying price, quantities, and terms because it would not reduce the chances of losing cash discount .
2. It is TRUE which means each voucher should tend to be filed by the day which will be the last day of the discount period or the due date if the invoice is not subject to a cash discount because if the voucher is filed at last day, there will be chance of losing it.
3. It is TRUE which means each day, the vouchers should be removed from the appropriate section of the file and checks issued by the disbursing official because yhis will also tend to lead to losing the cash discount for payment to the vendor.
4. It is TRUE which means at the time of payment, all vouchers and supporting documents should be stamped or perforated "Pald" because there will presentation of invoice for the second time.
Answer:
$99,110
Explanation:
The commission due to Dowd is a function of the surplus made in the region over the annual quota.
Given that the annual quota for the Southern region is $450,000 and the sales in the same region for the year is $698,000.
The surplus sales over the annual quota
= $698,000 - $450,000
= $258,000
Since Dowd receives a commission of 4½ percent for all sales over the given quota,
Dowd's commission = 4½ × $258,000
= $11,610
The amount of salary and commissions due to Dowd
= $87,500 + $11,610
=$99,110
Commercial document issued by a buyer to a seller as a means of formally requesting a credit <span>note</span>