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horrorfan [7]
3 years ago
6

Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at 50% of

direct labor cost. LaborHours Used Hourly Rate Partner 5 $450 Senior manager 13 160 Staff accountants 100 70 1. Prepare journal entries to record direct labor and the overhead applied.
Business
1 answer:
muminat3 years ago
4 0

Answer:

Date                   Accounts Receivable                               Debit            Credit

XX-XX-XXXX    Work in Process                                    $11,330

                          Wages Payable                                                         $11,330

Date                   Accounts Receivable                               Debit            Credit

XX-XX-XXXX     Work in Process                                    $5,665

                           Manufacturing overhead                                            $5,665

<u>Working</u>

Total labor cost:

= Partner cost + Senior manager cost + Staff accountants

= (5 * 450) + (13 * 160) + (100 * 70)

= $11,330

Overhead is 50% of direct labor cost:

= 11,330 * 50%

= $5,665

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Brian invests $11,500, at 6% interest, compounded semiannually for 2 years. Manually calculate the compound amount (in $) for hi
Katena32 [7]

Answer:

The important thing to remember here is that the interest is compounded semi annually, which means twice a year. When the 1st interest is compounded, the second interest is calculated on that new amount.

(11,500 + (11,500×6%)) = $ 12,190

(12,190 + (12190×6%)) = $ 12921.40

Explanation:

4 0
3 years ago
​Miguel, a manager for Sierra​ Company, is inspecting the reports provided by his​ company's accounting department. He wants to
Artemon [7]

Answer:

The correct answer is letter "A": managerial accounting information.

Explanation:

Managerial accounting is internal accounting that allows managers to assess the impacts of their choices. This contrasts with financial accounting which underlines the company's more general, higher-level financial results. There are many managerial accounting techniques such as product costing, cash flow analysis, inventory, and raw material turnover analysis.

So, <em>if Miguel wants to schedule his​ department's employees in production for next week he can use managerial accounting information for that purpose.</em>

7 0
3 years ago
Timberlake Company planned for a production and sales volume of 12,000 units. However, the company actually made and sold 13,000
Aleks04 [339]

Answer:

$65,000 Favorable  

Explanation:

  • Volume variance compute the difference due to volume of sales budgeted and actual sales qty.

  • Budgeted Selling pricec =780000 /12000 = 65

  • Sales volume variance = Budgeted Selling price (Actual sales qty-Budgeted Sales qty)  

65.00 (13000-12000) = 65000 Fav

 

Answer is $ 65000 Favorable      

5 0
3 years ago
F 1What is the yield to maturity on a 10-year, 9% annual coupon, $1,000 par value bond that sells for $887.00? That sells for $1
Llana [10]

Answer:

When the bond is sale at premium, it means the market rate is lower than coupon rate. So investor purchase the bond a higher price until the bond yield equal the market rate

If sold at discount, the market rate is higher than coupon rate. This means it's sold below face value to increase the bond yield to market rate.

YTM if market price is 887 =  10.7366190%

YTM if market price is 1,134.2= 7.1764596%

Explanation:

For the YTM we can calculate an estimated using the following formula:

YTM = \frac{C + \frac{F-P}{n }}{\frac{F+P}{2}}

Where:

C= coupon payment 1,000 x 9% = 90

F= face value of the bonds = 1000

P= market price = 887

n= years to maturity = 10

YTM =  10.7366190%

YTM = \frac{C + \frac{F-P}{n }}{\frac{F+P}{2}}

C= 90

F= 1000

P= 1134.2

n= 10

YTM = 7.1764596%

A more precise answer can be achieve using excle or a financial calculator.

7 0
3 years ago
xyz company recently signed a lease on their new office space. as part of the lease agreement, they must pay for property's real
erastovalidia [21]

If they must pay for property's real estate taxes and premiums for insuring the building. The type of lease xyz company sign is:<u> Double net lease.</u>

<h3>What is Double net lease?</h3>

Double net lease can be defined as form of agreement that occur between a tenant and a landlord were the tenant agrees to pay for the cost of rent while the landlord on the other hand agrees to pay for operating expenses incurred by the tenant.

Based on the given scenario the type of the lease xyz company sign is called double net lease as they have to pay for property's real estate taxes  as well premiums for insuring the building.

Therefore the type of lease xyz company sign is:<u> Double net lease.</u>

Learn more about  double net lease here:brainly.com/question/14244511

#SPJ1

4 0
1 year ago
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