Answer: $300,000
Explanation:
As overhead is applied on the basis of direct labor cost, the overhead rate for the period is:
= Overhead / Direct labor cost * 100%
= 5,340,000 / 890,000 * 100%
= 600%
If direct labor cost is $50,000 then overhead applied will be:
= Direct labor cost * Overhead rate
= 50,000 * 600%
= $300,000
Answer:
Partners Dennis and Lilly have decided to liquidate their business. The following information is available:
Cash $100,000 Accounts Payable $100,000
Inventory $200,000 Dennis, Capital $120,000
Lilly, Capital $80,000
$300,000 $300,000
Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.
1. Using a safe payments schedule, how much cash will be distributed to Dennis at the end of the first month?
a. $36,000
b. $64,000
c. $60,000
d. $24,000
2. Using a safe payments schedule, how much cash will be distributed to Lilly at the end of the first month?
a. $40,000
b. $24,000
c. $64,000
d. $16,000
Answer:
The total stockholder's equity at the end of the year will be $352,000.
Explanation:
The issue of common stock at $7/share= 14,000*$7=$98,000
The issue of common stock at $8/share= 28,000*$8=$224,000
The net income is $140,000.
The dividends paid= $70,000.
Purchase of treasury stock= 4000*$10=$40,000
The total stockholder's equity
=The issue of common stock at $7/share+The issue of common stock at $8/share+The net income-The dividends paid-Purchase of treasury stock
=$98,000+$224,000+$140,000- $70,000-$40,000
=$352,000.
Answer:
Explanation:
Scholarships and grants are monies that are given to the student for education. You DO NOT have to pay them back.
Loans can also be given for education costs but you DO have to pay them back. So, obviously, you want scholarships and grants before loans.
