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3 years ago

The following transactions occurred during July:

Business

1 answer:

JulijaS [17]3 years ago

5 0

The amount of revenue for July is $1,515.

The computation of the amount of revenue for July is as follows:

= Cash received during July month + provided service to the customer on credit

= $1,020 + $495

= $1,515

Therefore we can conclude that the amount of revenue for July is $1,515.

Hence, option d is correct.

Learn more about the revenue here: brainly.com/question/8645356

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Tomey Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system and compute

Bogdan [553]

Answer:

a. $5,604

Explanation:

Forming Department overhead cost = Fixed manufacturing overhead cost + (Variable overhead cost per machine-hour × Total machine-hours in the department)

= $99,000 + ($2.10 per machine-hour × 18,000 machine-hours)

= $99,000 +$37,800 = $136,800

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base incurred

= $136,800 ÷ 18,000 machine-hours

= $7.60 per machine-hour

Overhead applied to a particular job = Predetermined overhead rate × Amount of the allocation base incurred by the job

= $7.60 per machine-hour × 90 machine-hours

= $684

Finishing Department overhead cost = Fixed manufacturing overhead cost + (Variable overhead cost per direct labor-hour × Total direct labor-hours in the department)

= $70,400 + ($3.70 per direct labor-hour × 8,000 direct labor-hours)

= $70,400 + $29,600 = $100,000

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base incurred

= $100,000 ÷8,000 direct labor-hours = $12.50 per direct labor-hour

Overhead applied to a particular job = Predetermined overhead rate × Amount of the allocation base incurred by the job

= $12.50 per direct labor-hour × 60 direct labor-hours

= $750

Forming Finishing Total

Direct materials........................$940 $350 $1,290

Direct labor...............................$960 $1,920 $2,880

Manufacturing overhead.......$684 $750 $1,434

Total cost of Job T617........................................................$5,604

4 0

3 years ago

Information for Kent Corp. for the year 2021:

Inessa05 [86]

Answer:

$5,082

Explanation:

Calculation of the balance in Kent's deferred tax liability account as of December 31, 2021

Using this formula

Deferred tax liability balance =Cumulative future taxable amounts*Enacted tax rate

Where,

2021 Cumulative future taxable amounts =$24,200

Enacted tax rate=21%

Let plug in the formula

Deferred tax liability balance =$24,200*21%

Deferred tax liability balance =$5,082

Therefore the balance in Kent's deferred tax liability account as of December 31, 2021 will be $5,082

6 0

3 years ago

Apex Company produces artificial Christmas trees. A local shopping mall recently made a special order offer; the shopping mall w

BaLLatris [955]

Answer:

It is profitable to accept the special offer.

Explanation:

Giving the following information:

The shopping mall would like to purchase 200 extra-large white trees. Apex Company has the excess capacity to handle this special order. The shopping mall has offered to pay $120 for each tree.

Variable costs:

Direct materials $50.00

Direct labor (variable) $3.50

Variable manufacturing overhead $1.00

Additional variable cost= $6

This special order would require an investment of $10,000 for the molds required for the extra-large trees.

Because it is a special offer and there is unused capacity, we will not have into account the fixed costs (except the incremental fixed cost).

Unitary variable cost= 50 + 3.5 + 1 + 6= $60.5

Fixed costs= 10,000

Incremental income= (200*120) - (200*60.5) - 10,000= $1,900

It is profitable to accept the special offer.

3 0

3 years ago

This year, State A raised revenues by increasing its general sales tax rate from 5 percent to 6 percent. Because of the increase

Zielflug [23.3K]

Answer:

a. $2,600,000

b. $2,500,000

Explanation:

The computation is shown below:

a. The additional revenue raised by State A is

= Revenue after applying the tax rate - initial revenue after applying the tax rate

where,

Initial revenue after applying the tax rate = $800 million × 5% = $40 million

And, the Revenue increased after applying the tax rate is

= $710 million × 6%

= $42.6 million

So, the additional revenue is

= $42.6 million - $40 million

= $2,600,000

b. The additional revenue raised by State Z is

= Sales tax rate × service volume

= 5% × $50 million

= $2,500,000

7 0

3 years ago

"Miller made a contract to sell his condominium to Jefferson for $80,000." Two days later Miller changed his mind after discover

vredina [299]

Answer:

Specific performance

Explanation:

Specific performance is the contract in which the party performs for the specific purpose rather than the general purpose. In this contract, one party is refusing to perform the contract due to some better options or by any other reasons

Examples - in case of real estate properties, antiques, etc.

In the given case, the contract was made for $80,000 but after two days the party deny to perform it as the party got an additional $20,000. So, this is the case of the specific performance.

6 0

3 years ago