Answer:
B. $42,000
Explanation:
Trade receivables refers total amounts that customers of a company are owing the company for goods or services sold to them.
For Michael Co., this can be calculated as follows:
Michael's total trade receivables = 3-month note due from Michael's main customer + Due and unpaid from this month's sales + Due and unpaid from last month's sales
Therefore, we have:
Michael's total trade receivables = $12,000 + $19,000 + 11,000 = $42,000.
Therefore, Michael's total trade receivables is $42,000.
Answer:
See below
Explanation:
Per the above information,
Ending account receivable balance = Beginning account receivable + Credit sales - Collections - Written off amount
$93,000 = Beginning account receivable + $108,000 - $142,000 - $130
$93,000 = Beginning accounts receivable - $34,130
Beginning accounts receivable = $93,000 + $34,130 = $127,130
So, the beginning account receivable would be;
The ending accounts receivable is computed as;
= $930 ÷ 1%
= $93,000
<span>Goodwill messages should always be without a direct business purpose. If you are on a goodwill mission it should never be done to increase your business but in an effort to support a cause and show compassion.</span>
STEM: nanobiologist, statistician, automotive engineer.
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Arts, A/V Technology, and Communications: printing equipment operator, special effects artist, graphics illustrator.
Answer: See explanation
Explanation:
a. Calculate the predetermined overhead rate Overhead Rate per hour
Predetermined Overhead rate will be the estimated total manufacturing overhead divided by the estimated total direct labor hours. This will be:
= $ 921,600/51,200
= $ 18
(b) Calculate how much manufacturing overhead will be applied to production
Manufacturing overhead that'll be applied to production will be the predetermined overhead rate multiplied by the actual total direct labor hours. This will be:
= $ 18 × 48,900 direct labor hours
= $ 880,200
(c) Is overhead over- or underapplied? By how much?
The Actual Overhead Incurred = $902,900 while the manufacturing overhead applied = $880,200. This shows that overhead is underapplied due to the fact that manufacturing overhead applied is less than the actual overhead that is incurred.
Therefore, the amount of overhead that was underapplied will be:
= $ 902,900 - $ 880,200
= $ 22,700
(d) What account should be adjusted for over-or underapplied overhead? Should the balance be increased or decreased?
Based on the scenario in the question and the answers calculated, the cost of goods sold should be increased.
