Answer:
D.$400 over allocated
Explanation:
For computing the over-allocated or under-allocated amount, first, we have to determine the predetermined overhead rate which is shown below:
Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)
= $371,000 ÷ 180,000 hours
= $2.06
Now we have to find the actual overhead which equals to
= Actual direct labor-hours × predetermined overhead rate
= 190,000 hours × $2.06
= $391,400
So, the ending overhead equals to
= Actual manufacturing overhead - actual overhead
= $391,000 - $391,400
= $400 over - applied
0.08x+0.085 (10000-x)=842.50
Solve for x
X= 1500 invested at 8%
10000-1500=8,500 at 8.5%
Answer:
Explanation:
According to the Kai surf shop in Laie, Hawaii, below is the computation of sales and use tax of surf shop that must collect or remit.
A.
Kai doesn't have a sales tax nexus with Utah, therefore it will not have any sales tax liability. Instead, Kalani will have a tax liability in Utah that will be $63($1000 x 6.85%).
B.
kai will have a tax liability of $83($2000 x 4.166%) Also, Nick will have use tax liability of $87[($2000 x (9% - 4.166%)].
C.
Kai doesn't have a sales tax nexus with Michigan, therefore it will not have sales tax liability. Instead, Jim will have a use tax liability in Michigan will be $140($2000 x 6%)
D.
Sales and use tax is not imposed on sale of services. Therefore, neither Kai nor Scott will have any sales or use tax liability.
Answer:
Income Tax Expense (Dr.) $49,080,000
Deferred Tax Liability (Cr.) $49,080,000
Explanation:
Income tax expense = ( Taxable Income for the year + building and equipment taxable amount + Prepaid Insurance - Liability or contingency Loss ) * Tax rate
Income Tax expense = ( $117,000,000 + $14,700,000 + $2,300,000 - $11,300,000) * 40%
Income Tax expense = $49,080,000
