Answer:
The attached file has the answer required.
Interest on notes payable will be a liability as it is accrued. It will still be accounted from the expenses however.
Services is a revenue stream that was not recorded so it will go to Accounts Receivable and Revenue.
Salaries unpaid will become a liability and an expense in the income statement.
Answer:
$604,800
Explanation:
Applied manufacturing overhead is the manufacturing overhead that has been applied to production in a period.
it is calculated with the formula "budgeted overhead rate * actual labor hr"
Budgeted manufacturing overhead = $562,800
Budgeted Direct labor hours = 20,100
Budgeted Overhead rate = 562800/20100 =$28/hr
Actual manufacturing overhead = $543,705
Actual direct labor hours = 21600
Amount of manufacturing overhead applied = predetermined overhead rate * actual hr =28*21600
=$604,800
well if im right it should be 20$.
If the firm can increase its profit by increasing its output then the firm is not producing at where the marginal cost is equal to the marginal revenue. A profit-maximizing firm in a competitive market will produce its output at the point in which MC=MR.
