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Answer:
$56,500
Explanation:
Manufacturing overhead refers to indirect factory-related costs incurred when a product is manufactured.
To calculate the balance in the Manufacturing Overhead account, we will add the beginning balance to the indirect materials to production and indirect factory labor cost.
June 2: Issued $500 of indirect materials to production.
June 13: Incurred $15,000 of indirect factory labor cost.
= $41,000 + $500 + $15,000
= $56,500
The balance in the Manufacturing Overhead account following these transactions will be $56,500.
Answer: $322 241
Explanation: Retained earnings is the capital that is left over after total dividends has been deducted and paid out. It is calculated as follows:
Retained earnings = retained earnings at the beginning of the year + net profits made during the current year - dividends paid out.
∴ Retained earnings = $318, 423 (opening Retained earnings)+ $11,318 (net profits / income) - $7,500 (dividends)
=$322,241
The $25,000 new stock issued generated income to the business, but this does not fall in the retained earnings line item. Rather it falls under the Ordinary Share Capital line item, which includes all the company's issued share capital.
