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marin [14]
2 years ago
10

Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its m

ost recent year of operations. Estimated manufacturing overhead $202,600 Estimated machine-hours 2,000 Actual manufacturing overhead $194,600 Actual machine-hours 1,930 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to:
Business
1 answer:
Delvig [45]2 years ago
7 0

Answer:

$195,509

Explanation:

The computation of the applied manufacturing overhead is shown below:

But before that the predetermined overhead rate is

= Estimated manufacturing overhead ÷ estimated machine hours

= $202,600 ÷ 2,000

= $101.30

Now the applied overhead is

= Actual machine hours × predetermined overhead rate

= 1,930 × $101.30

= $195,509

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IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,0
Viktor [21]

Answer: $7,000

Explanation:

From the question, we are informed that IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000 and that IP Company has a beginning loan balance of $12,000.

The ending loan balance will be:

= $20,000 + $12,000 - $25,000

= $32,000 - $25,000

= $7,000

3 0
3 years ago
Ivanhoe Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,380 per month. One of the bar
ANTONII [103]

Answer:

Fredonia Barber Shop

a. Variable costs per haircut = $4.40

   Total monthly fixed costs = $8,910

b. Break-even point in units = 1,350

Break-even point in sales dollars = $14,850

Net income with 1,670 haircuts = $2,120

Explanation:

a) Data and Calculations:

Fixed costs:

Wages of barbers per month =    $6,900 ($1,380 * 5)

Manager's allowance per month = $535

Advertising per month =                 $270

Rent per month =                           $1,010

Utilities per month =                        $160

Magazines per month =                   $35

Total fixed costs per month =     $8,910

Ivanhoe currently charges $11 per haircut.

Variable costs per haircut:

Commission per haircut =       $3.75

Barber supplies per haircut = $0.50

Utilities per haircut =                $0.15

Total variable costs per unit   $4.40

Contribution margin per haircut = $6.60 ($11 - $4.40)

Contribution margin ratio = 0.6

Break-even point in units = $8,910/$6.60 = 1,350

Break-even point in sales dollars = $8,910/0.6 = $14,850

Net income assuming 1,670 haircuts for a month:

Sales revenue = $18,370 ($11 * 1,670)

Variable costs =     7,340 ($4.40 * 1,670)

Contribution       $11,030

Fixed costs            8,910

Net income         $2,120

8 0
3 years ago
If the credit balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the ent
Firlakuza [10]

Answer:

d.No effect on the expenses of the current period.

Explanation:

In the case when the credit balance of the allowance for doubtful debt more than the bad debt amount i.e. written off

So the entry for writing off against the allowance would result in no effect on the expense for the present period

As the bad debt expense is debited and the allowance for doubtful debt would be credited therefore the option d is correct

4 0
3 years ago
4) All of the following are true of known liabilities except:A) Include accounts payable, notes payable, and payroll.B) Are obli
Thepotemich [5.8K]

Answer: E) May depend on some future event occurring. It is not a characteristic of known liabilities.

Explanation:  Unknown or uncertain liabilities are those whose existence depends on the occurrence of a future event.

Known liabilities <u>are definitely determinable and measurable.</u>

<u />

3 0
3 years ago
Assume Royal Palm Corp., an equipment distributor, sells a piece of machinery with a list price of $800,000 to Arch Inc. Arch In
Alexandra [31]

Answer:

a. $720,000

Explanation:

Since in the question, it is given that the equipment is sold at the list price

The list price is $800,000 and the selling percentage is 90%

So, the revenue should be recorded

= List price × selling percentage

= $800,000 × 90%

= $720,000

Simply we multiplied the list with the selling percentage so that the correct amount can come

3 0
3 years ago
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