Answer:
The correct answer is option (c) $264 underapplied
Explanation:
Given data;
Direct labour hour = 22160
Total Manufacturing overhead cost= $585,024
Actual direct labor hour = 22150
Actual Manufacturing overhead cost = $585024
Calculating the Predetermine overhead rate using the formula;
Predetermined Overhead rate=Total Overhead Cost/Total Direct Labor Hour
Predetermined Overhead rate = $585024/22160
=$26.4 per labor hour
To determine the under-applied amount of overhead cost, we use the formula;
Under−Applied amount= Estimated Overhead Cost*Actual Overhead Cost
Substituting into the formula, we have
(22150*26.4)-585024
Under applied = $ 264
When a government's expenditures on goods, services, or transfer payments exceed their tax revenue, the government has run a budget deficit. Governments borrow money to pay for budget deficits.
<h3>What is budget deficit ?</h3>
An overrun in spending over income results in a budget deficit, which can be a sign of a nation's financial stability. The phrase is frequently used to describe government spending rather than that of companies or people.
An annual financial statement of the government's proposed revenues and expenditures is known as a budget. The overall gap between government revenues and expenditures is known as the government budget balance, also known as the general government balance, public budget balance, or public fiscal balance.
A government budget deficit is denoted by a negative balance, and a surplus is denoted by a positive balance. For each level of government, a budget is created that accounts for public social security commitments.
The primary balance and interest payments on the total amount of accumulated government debt make up the government budget balance; the two together determine the budget balance.
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Answer:Total income tax Liability = $72000
Explanation:
The question did not provide us with requirements. however after assessing the information provided in the question we can assume that the question requires us to calculate the income tax liability for the year 2019.
Differed tax arises as a result of temporary differences in the tax laws and accounting policies from example accounting strictly uses accrual system while most Receiver of tax revenue organisations in different countries they use a combination of Cash system and Accrual system.
Excess of Tax Depreciation = $40000
When tax depreciation is higher than Book Value Depreciation the Tax Base (cost - accumulated tax depreciation) will be lower that the Book value (cost - accumulated depreciation). Tax Base will be Lower by $40000 which indicates a Differed tax Liability.
Differed Tax Liability = $40 000 x 20% = $8000
Income received In advance
Income received in advance creates a Tax liability for the Wenger Corporation because Receiver of Tax revenue uses Cash system with regards to transactions of this nature.
Differed Tax Liability = $20000 x 20% = $4000
Income Tax = 300 000 x 20% = $60 000
Total income tax Liability = 60 000 + 8000 + 4000 = $72000
The balance in Work in Process Inventory for April, May, and June will be $12800, $23100, and $9900.
<h3>How to calculate Work in Process Inventory</h3>
From the information, the Work in Process Inventory for April will be:
= $6900 + $5900 = $12800
The work in process inventory for May will be:
= $5900 + $4600 + $6600 + $6000
= $23100
The Work in Process Inventory for June will be:
= $6000 + $3900
= $9900
The balance in Finished Goods Inventory at the end of April will be $2800. The balance in Finished Goods Inventory at the end of May will be:
= $6900 + $6100
= $13000
The balance in Finished Goods Inventory at the end of June will be:
= $5900 + $4600 + $2800 + $6600 + $5700
= $25600
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