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2 years ago

Which of the following best describes a trial balance?

Business

1 answer:

Lubov Fominskaja [6]2 years ago

8 0

Answer:

Explanation:

In the accounting process extracting a trial balance is the final step.

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Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-

likoan [24]

Answer:

overhead rate $4 per machien hour

applied overhead 1,560,000

The overhead was underapplied for 15,000

entry to adjust against COGS

Cost of Goods of sold 15,000 debit

Factory overhead 15,000 credit

Explanation:

$\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate$

we divide the expected overhead over the total amount of budgeted machine hours to determinate the overhead rate:

1,600,000 / 400,000 = $4 per machine hours

Actual machine hours 390,0000

applied overhead:

actual cost driver x rate per driver

390,000 x $4 = 1,560.000‬ applied overhead

Actual overhead 1,575,000

As aplies is lower, we should adjust for 15,000 difference

5 0

3 years ago

Activities and Cost Drivers For each of the following activities, select the most appropriate cost driver. Each cost driver may

rjkz [21]

<u>Activities</u>

- Pay Vendors

- Evaluate Vendors

- Inspect raw materials

- Plan for purchases of raw materials

<u>Cost Drivers:</u>

a) Number of different kinds of raw materials

b) Number of classes offered

c) Number of tables

d) Number of employees

What is Cost Drivers ?

A cost driver causes a change in an activity's cost. The idea is most frequently applied to allocate overhead expenses to the quantity of produced units. In order to reduce the cost of overhead, it can also be utilized in activity-based costing analysis to identify the causes of overhead. An activity-based costing system may employ a variety of cost drivers. Just one cost driver should be employed if a company just cares about adhering to the minimum accounting standards to allocate overhead to produced items. Cost drivers include things like the amount of customer interactions, engineering change orders, machine hours consumed, and product returns, as well as the number of direct labor hours performed.

To learn more about Cost Drivers with the help of given link:

brainly.com/question/14904453

#SPJ4

8 0

1 year ago

Read 2 more answers

Brianna, a salesperson for Cosmetics Corporation, learns that Cosmetics will increase the dividend it pays to shareholders. Bria

olya-2409 [2.1K]

Answer:

traded on information that was not available to the public.

Explanation:

Brianna, a salesperson for Cosmetics Corporation, learns that Cosmetics will increase the dividend it pays to shareholders. Brianna buys 10,000 shares of Cosmetics stock. When the price increases, Brianna sells the shares for a profit. If Brianna is liable for insider trading, it is because she traded on information that was not available to the public.

3 0

3 years ago

Ralph gives his daughter, angela, stock (basis of $8,000; fair market value of $6,000). no gift tax results. if angela subsequen

Andreas93 [3]

Answer:

D) $2,000

Explanation:

Angela's basis on the stocks will be the same as her father's. Since she sold the stocks, her basis will be $8,000, so her recognized gains will = selling price - basis = $10,000 - $8,000 = $2,000

The IRS allows the donee (Angela) to use the doners (Ralph) basis when selling an asset received as a gift in order to determine the realized gain/loss.

6 0

3 years ago

Read 2 more answers

Identify which basic principle of accounting is best described in each item below.

adelina 88 [10]

Answer:

The Matching Principle

Explanation:

The Matching Principle of accounting holds that revenues should be matched with expenses. Hence the name.

This is to say, that revenues should only be recognized when the associated expenses with those revenues have been spent.

For example, in numeral a), we can see that Norfolk Southern Corporation recieved cash in advance, but it only recognized revenue once it had performed the services associated with that cash collection.

4 0

3 years ago