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Lera25 [3.4K]
3 years ago
12

Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct

labor-hours were 21,980 hours and the total estimated manufacturing overhead was $540,708. At the end of the year, actual direct labor-hours for the year were 21,950 hours and the actual manufacturing overhead for the year was $540,708. Overhead at the end of the year was:
Business
1 answer:
algol133 years ago
8 0

Answer:

under-applied with $738

Explanation:

<em>If Actual Overheads > Applied Overheads, we have under-applied overheads.</em>

<em>and</em>

<em>If Applied Overheads > Actual Overheads, we have over-applied overheads.</em>

<u>From the question amounts for overheads are as follows :</u>

Actual Overheads = $540,708 (given)

Applied Overheads = $540,708 / 21,980 hours x 21,950 hours = $539,970

Therefore,

Since Actual Overheads > Applied Overheads

Under-applied Overheads = $540,708 - $539,970 = $738

Conclusion :

Overhead at the end of the year was: under-applied with $738

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Fidelity Systems reports net income of $81 million. Included in that number is depreciation expense of $9 million, and a gain on
Lerok [7]

Answer:

$86 million

Explanation:

The computation of the net cash flows from operating activities using the indirect method is shown below:

Cash flows from operating activities

Net income $81 million

Add: depreciation expense $9 million

Less: Gain on sale of equipment -$1 million

Less: Increase in account receivable -$3 million

Less: Increase in inventory -$3 million

Add: Increase in account payable $3 million

Net cash flows from operating activities $86 million

5 0
3 years ago
how does money solve the problem of double coincidence of wants? explain with an example of your own.​
slega [8]

Answer:

Money is a medium of exchange and satisfaction of needs.

Explanation:

for instance:- if you want to eat ice cream ( which is your want). You give money to shopkeeper who sell money ( his want is money). You give him money in exchange of ice cream . In this way , double wants are satisfied.

4 0
3 years ago
Felix Incorporated has just exchanged 1,250 shares of $65 par-value preferred stock for a parcel of land advertised for a price
Anna11 [10]

Answer:

Dr Land account 90,000

Cr Preferred Stock account 81,250

Cr Paid-in Capital in Excess of Par Value - Preferred Stock account 8,750

Explanation:

When preferred stock is sold, the transaction must be recorded at par value in the preferred stock account. Any amount of money received over par value, must be recorded in the paid-in capital in excess of par value - preferred stock account.

7 0
3 years ago
In the study of internal control, the auditor uses sampling to compare the __________ to the __________.
Arturiano [62]

In the study of internal control, the auditor uses sampling to compare the adjusted estimate of the deviation rate to the tolerable rate of deviation.

How Do Internal Controls Work?

A plan of structure, processes, and records that are concerned with the security of assets and the accuracy of financial records are together referred to as internal controls.

Fundamentals of Internal Control Systems

A firm's unique information requirements should be taken into account when designing an internal control system. As a result, the system might be anything from a straightforward manual system to a sophisticated computerized online system with remote terminals dispersed all over the nation. The accounting system must process data effectively, precisely, and promptly whether it is electronic or manual. An internal control system that has been carefully thought out is at the core of any well-designed accounting system.

Protecting the assets under management's control is one of their main duties.

to know more about  Internal Control Systems

brainly.com/question/26398073

#SPJ4

5 0
1 year ago
Last year Harrington Inc. had sales of $325,000 and a net income of $19,000, and its year-end assets were $250,000. The firm's t
anzhelika [568]

Answer:

8.94%

Explanation:

Firstly, we will need to find total equity and total debt of Harrington Inc inorder to apply the Dupont equation for getting ROE

Harrington's total debt = 15.00 % × $250,000

= $37,500

Harrington's total equity will be; applying accounting equation

Asset = Liabilities + Owner's equity

Owner's equity = Assets - Liabilities

= $250,000 - $37,500

= $212,500

Therefore, using the Dupont equation, we can calculate the ROE as;

(NI/Sales) × (Sales/Total assets) × (Total assets/Total common equity)

= 19,000/325,000 × 325,000 /250,000 × 250,000/212,500

= 8.94%

7 0
3 years ago
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