List at least three tools or services that are available when you open a savings account.

Savallas Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costin

Setler79 [48]

Answer:

Part 1. Compute the company%u2019s predetermined overhead rate for the year

Predetermined overhead rate = $15 / Computer Hour

Part 2. Compute the underapplied or overapplied overhead for the year.

Underapplied Overheads are: $1,350,000 - $900,000 = $450,000

Part 3. Assume the company closes any underapplied or overapplied overhead directly to cost of goods sold. Prepare the appropriate journal entry.

Cost of goods sold $450,000 (debit)

Overhead Account $450,000 (credit)

Part 4. Company allocates any underapplied or overapplied overhead to work in process, finished goods, and cost of goods sold on the basis of the amount of overhead applied during the year that remains in each account at the end of the year:

Work In Process $18,000 (debit)

Finished Goods $73,008 (debit)

Cost of Goods Sold $315,000 (debit)

Overhead Account $450,000(credit)

Explanation:

Part 1. Compute the company%u2019s predetermined overhead rate for the year

Predetermined overhead rate = Budgeted Overheads / Budgeted Activity

= $1,275,000/ 85,000

= $15 / Computer Hour

Part 2. Compute the underapplied or overapplied overhead for the year.

Applied Overheads = Actual hours × Predetermined overhead rate

= 60,000 × $15

= $900,000

Actual Overheads = given = $1,350,000

Applied Overheads $900,000 < Actual Overheads $1,350,000, thus we have an underapplied situation

Therefore Underapplied Overheads are: $1,350,000 - $900,000 = $450,000

Part 3. Assume the company closes any underapplied or overapplied overhead directly to cost of goods sold. Prepare the appropriate journal entry.

Cost of goods sold $450,000 (debit)

Overhead Account $450,000 (credit)

Part 4. Company allocates any underapplied or overapplied overhead to work in process, finished goods, and cost of goods sold on the basis of the amount of overhead applied during the year that remains in each account at the end of the year:

Allocations:

Totals Weighted Average% Allocation

Work In Process $43,200 4% $18,000

Finished Goods $280,800 26% $73,008

Cost of Goods Sold $756,000 70% $315,000

Total $1,080,000 100% $450,000

Journals:

Work In Process $18,000 (debit)

Finished Goods $73,008 (debit)

Cost of Goods Sold $315,000 (debit)

Overhead Account $450,000(credit)

5 0

3 years ago

Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capit

Ivenika [448]

Answer:

The answer is $304,000

Explanation:

Barber's ending equity is:

Barber's beginning partnership capital balance for the current year plus share of partnership net income minus Barber's withdrawal

Barber's beginning partnership capital balance for the current is $314,000

Share of partnership net income

= $152,000 /2

= $76,000

Barber's withdrawal = $86,000

Therefore, Barber's ending equity is

$314,000 + $76,000 - $86,000

= $304,000

8 0

3 years ago

Marlena acquired the following new assets during 2017:

Mila [183]

Answer:

(A) Half-year and (D) Half-year

Explanation:

MACRS stands for Modified Accelerated Cost Recovery System and is the most commonly-used tax depreciation method .Without getting into too much detail, MACRS is accelerated depreciation that allows for a larger deduction while the asset is still new. By comparison, straight-line depreciation gives you the same deduction year after year over the asset's useful life. MACRS cannot be used for intangible property, nor can it be used to depreciate. MACRS convention determines the number of months for which you can claim depreciation during a partial year, either when you first placed the asset in service or when you disposed of it. The mid-month convention only applies to residential rental property, nonresidential real property, and railroad grading or tunnel bore. It simply means that you get a half month's worth of depreciation no matter when that asset was placed into (or taken from) service during that month, whether that was at the beginning, middle, or end of the month. The half-year convention works the same way but instead of the month it goes by the year. In other words, you'll get 6 months' depreciation if the asset was placed into service or disposed of during the year, no matter if it was in January or December.

5 0

3 years ago

A company has developed a new cell phone which will be targeted to developing countries. It is estimated that the demand for the

Arturiano [62]

Answer:

Demand forecast.

Demand forecast is the process a business embarks on so that it can predict its future sales and demand of a product.

Explanation:

A demand forecast will assist the company to come up with decisions as regards the number and nature of people they need. The demand forecast will also help to determine the amount of workers they need for staffing a new facility so that it can operate efficiently and at it optimum.

4 0

3 years ago

Read 2 more answers

Arguing that globalization is ultimately driven by joint gains from mutually beneficial trade is an argument from which perspect

Fofino [41]

Arguing that globalization is ultimately driven by joint gains from mutually beneficial trade is an argument from <u>the liberal perspective.</u>

<h3><u>What does the liberal viewpoint entail?</u></h3>

Liberal beliefs regarding the nature and purpose of law are centered on defending individual freedom. Liberals, following John Stuart Mill, argue against enforcing morality on the grounds that the use of coercion or control is not justified by society's conception of what is ethically appropriate. According to the liberal perspective, acts that damage or wrong people but to which they consent—often referred to as victimless crimes—are not properly criminalized. Thus, for a liberal, the border between the sex that ought to be criminalized and sex that shouldn't is the line between uninvited sex and sex that ought to be allowed.

Learn more about the liberal perspective with the help of the given link:

brainly.com/question/14581558

#SPJ4

7 0

2 years ago