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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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You are comparing two annuities with equal present values. The applicable discount rate is 6.5 percent. One annuity will pay $2,
MAVERICK [17]

Answer:

the annual payment for the second annuity is $2,130 paid at end of every year

Explanation:

We have following information for 1st annuity:

Rate: 6.5%

Payment (PMT): -$2,000, paid at beginning of every year

Tenor (Nper): 20 years

We use excel to calculate the present value of annuity = PV(rate,Nper,PMT,,1)

=PV(6.5%,20,-2000,,1) = $23,469

Then we calculate the payment for 2nd annuity = PMT(rate,Nper,PV,,0)

=PMT(6.5%,20,23469,,0) = -$2,130

Download xlsx
4 0
3 years ago
P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposit
Alchen [17]

Answer:

The journal entry would be as follows:

Account                                  Debit           Credit

Cash                                       $480

Sales Revenue                                           $500

Credit Card Expense                                 $20

The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)

4 0
3 years ago
Huprey Co. is the defendant in the following legal claims. For each of following claims, does Huprey (a) Record liability, (b) D
const2013 [10]

Answer:

a) Disclose in the notes

b) no Disclosure

c) Record a liability

Explanation:

There are three scenarios to be considered

1) It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable

First, premise is that Huprey Co. is facing a lawsuit and the possibility of a loss is most possible. If Huprey Co is able to recognize the amount of loss, then he would have been able to record a liability but the inability to estimate the loss means, the company can o<u>nly make appropriate disclosure in notes</u>

2)Huprey is being used for damages of $2 million. It is very unlikely (remote) that Huprey will lose the case.

This second premise is also a lawsuit on damages for $2 million, however, it is most reasonably acceptable that Huprey will win the lawsuit. As such there is no loss, that way there will be no disclosure in Huprey Co's books.

3.  Huprey can reasonably estimate that a pending lawsuit will result in damages of $1.25 million, it is probable that Huprey will lose the case.

The probability of losing a case means that there will be a loss to be recorded in the books and since the damages are already estimable to be $1.25 million. Huprey Co should record a liability

4 0
2 years ago
Which phrase best describes a country's monetary base?
vampirchik [111]

Answer: all money in circulation throughout the economy

Explanation: apex

3 0
3 years ago
Which of the following accurately describes the requirements banks must meet under a fractional reserve banking system? A. Banks
ikadub [295]

Answer:A,B,E,F

Explanation:

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5 0
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