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Rasek [7]
3 years ago
15

Reddy Corporation has collected the following data for the month of June: Actual total factory overhead incurred $61,150 Budgete

d fixed factory overhead costs $40,700 Activity level, in direct labor hours 14,800 Actual direct labor hours 17,800 Standard hours for output this period 16,800 Total factory overhead rate $4.30 What is the variable overhead efficiency variance
Business
1 answer:
kirza4 [7]3 years ago
4 0

Answer:

Variable overhead efficiency variance = $8,600 favorable

Explanation:

Variable overhead efficiency variance is the difference between the actual time taken to achieve a given production output less the standard hours for same multiplied by the standard variable overhead rate

Variable overhead efficiency variance is determined as follows:

                                                                                   Hours

standard hours for actual output                             16,800

Actual             hours                                                  <u>14,800</u>

Efficiency variance                                                    2,000 favorable

× standard variable OH rate                                   × <u>$4.30</u>

Variable overhead efficiency variance ($)               <u>$8,600  </u>favorable

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No Edges Left Behind Enterprises has book income of $1,200,000 which consist of income tax expense of $380,000, municipal bond i
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Answer:

$1,645,000

Explanation:

The computation of the taxable income is shown below:

Taxable income is

= Book income + income tax expenses - muncipal bond interest + (50% ×  meal expenses)

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6 0
3 years ago
Gibson Energy Ltd.’s general ledger account for Cash in Bank showed the following at December 31, 2019:
viktelen [127]

Answer:

1. Adjusted cash balance = Adjusted bank statement balance = $133,620.

2. See the adjusting journal entries and explanation in part 2. below.

Explanation:

Note: The data in the question are merged and they are first sorted in the attached excel file before the questions are answered as follows:

1. Complete the bank reconciliation at December 31, 2019.

The bank reconciliation is presented in two ways as follows:

<u>a) Starting with cash book balance</u>

Gibson Energy Ltd.

Bank Reconciliation  

at 31 December 2019  

<u>Particulars                                                                  Amount ($)    </u>

Cash book bal. at 31 Dec. yet to be reconciled          62,000

Add:

Collected note receivable from XYZ Corp                  80,000

Less:  

Dishonored NSF check                                                 (7,000)

Overdraft interest expense                                            (1,320)

Bank service charge                                                 <u>         (60)   </u>

Adjusted cash balance at Dec 31                           <u>   133,620   </u>

<u>b) Starting with bank statement balance</u>

Gibson Energy Ltd.

Bank Reconciliation  

at 31 December 2019  

<u>Particulars                                                                       Amount ($)    </u>

Bank statement bal. at Dec 31 yet to reconciled              131,620

Add:  

Cash deposited on December 9th yet be credited          85,000

Cash deposited on December 31 yet be credited            15,000

Check #52094 wrongly drawn                                           62,000

Less:

Outstanding checks 233                                                    (83,000)

Outstanding checks 239                                                <u>    (77,000)   </u>

Adjusted bank statement balance at Dec. 31             <u>     133,620   </u>

2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.

<u>Date      Accounts title & explanation              DR ($)           CR ($)  </u>

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                   Note Receivable                                                     78,049

                   Interest on note receivable                                       1,951

<em><u>                   (To record note receivable & int. collected from XYZ)     </u></em>

31 Dec 19   Overdraft interest expense                1,320

                  Service charge                                        60

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<em><u>                    (To record interest expense and bank charges)                   </u></em>

31 Dec 19   Account Receivable                           7,000

                    Cash                                                                           7,000

<em><u>                   (To record NSF check dishonored)                                       </u></em>

Download xlsx
3 0
3 years ago
Which type of cover letter would the above excerpt come from? a. Prospecting cover letter b. Networking cover letter c. Applicat
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I believe the answer is:  B. Networking cover letter

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juin [17]

Answer:

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As you get older, a Target Date Fund will adjust by…
makkiz [27]

Answer:

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