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Elza [17]
3 years ago
12

Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predic

ts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700.
Required:
Complete the journal entry.
Business
1 answer:
Musya8 [376]3 years ago
7 0

Answer:

Date                     Account Title                                         Debit             Credit

January 31          Work in Process                                   $540

                            Factory Overhead                                                        $540

Explanation:

Overhead is applies by linking it to direct labor.

Overhead is $20,000 when Direct labor is $100,000.

= 20,000 / 100,000

= 20%

The overhead for this job must therefore be:

= 20% * 2,700

= $540

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The Bert Corp. and Ernie, Inc., have both announced IPOs. You place an order for 1,150 shares of each IPO. One of the IPOs is un
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Answer:

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The profit expected is:

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Explanation:

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IPO order placed  1,150 shares      1,150 shares

Underpriced by       $18.00

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3 years ago
Exercise 9-2 Recording known current liabilities LO C2 Listed below are a few transactions and events of Piper Company. Piper Co
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Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $10,400

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(Being the cash is recorded)

Here we debited the cash as  it increased the assets and we credited the sales and sales tax payable as  it increased the sales and the liabilities

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                 To Merchandise inventory $5,000

(Being cost of goods sold is recorded)

Here we debited the cost of goods sold as it increased the expenses and we credited the merchandise inventory as  it reduced the assets

3. Unearned services revenue Dr, $50,000

              To Earned services revenue $50,000

(Being unearned service revenue is recorded)

Here we debited the unearned service revenue as it decreased the liabilities  and we credited the earned service revenue as it increased the revenue

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Scenario analysis: helps determine the reasonable range of expectations for a project's anticipated outcome. determines which va
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Answer : A

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