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m_a_m_a [10]
3 years ago
10

Pinnacle Corp. budgeted $259,470 of overhead cost for the current year. Actual overhead costs for the year were $209,420. Pinnac

le's plantwide allocation base, machine hours, was budgeted at 49,190 hours. Actual machine hours were 56,270. A total of 102,050 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is:
Business
1 answer:
Yuliya22 [10]3 years ago
4 0

Answer:

Predetermined manufacturing overhead rate= $5.275 per machine-hour

Explanation:

Giving the following information:

Pinnacle Corp. budgeted $259,470 of overhead cost for the current year.

Pinnacle's plantwide allocation base, machine hours, was budgeted at 49,190 hours.

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

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

Predetermined manufacturing overhead rate= 259,470/49,190

Predetermined manufacturing overhead rate= $5.275 per machine-hour

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Explanation:

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On March 1

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       To Cash A/c $36,000

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Is this story: sole proprietorship, partnership, OR corporation?
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Vlad [161]

Answer:

Explanation:

The journal entries are shown below:

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(Being the notes receivable acceptance is recorded)

2. Interest receivable A/c Dr $40,500

      To Interest revenue                       $40,500

(Being the interest is collected)

Interest = Principal × rate of interest × number of months ÷ (total number of months in a year)

= $450,000 × 12% × (9 months ÷ 12 months)

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The 3 months is calculated from April 1 to December 31

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             To Notes receivable A/c $450,000

             To  Interest receivable A/c $40,500

             To Interest revenue A/c      $13,500

(Being cash collected recorded)

Interest revenue = Principal × rate of interest × number of months ÷ (total number of months in a year)

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Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on insta
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Answer:

See the journal entry below.

Explanation:

Before preparing the journal entry, the following are calculated first:

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The journal entry will look as follows:

<u>Date                  General journal                  Debit ($)         Credit ($)    </u>

31 Dec 2019      Income tax expense          193,395  

                             Deferred tax liability                                129,195      

                             Income tax payable                                 63,200

<u><em>                            (To record income tax payable.)                                 </em></u>

31 Dec 2020     Deferred tax liability            87,750      

                             Income tax payable                                 87,750

<u><em>                            (To record income tax payable.)                                 </em></u>

31 Dec 2021     Deferred tax liability            41,445      

                             Income tax payable                                41,445

<u><em>                            (To record income tax payable.)                                 </em></u>

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3 years ago
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