Answer:
Hey
Explanation:I need points to keep going
The correct answer should be C. 09712
Answer and Explanation:
The computation is shown below:
1. Overhead rates
For Molding Deptt
= Total Estimated overhead ÷ Total Machine hours
= $400,000 ÷ 5,000
= $80 per machine hour
For Polishing Deptt
= Total Estimated overhead ÷ Total Labor hours
= $80,000 ÷ 20,000
= $4 per machine hour
2. Overheads assigned to Form A is
= (80 × 3500) + (4 × 5000)
= $300,000
Overheads assigned to Form B is
= (80 × 1500) + (4 × 15000)
= $180,000
Now
Overhead cost per unit
Form A = $300,000 ÷ 30,000 = $10 per unit
Form B = $180,000 ÷ 50,000 = $3.6 per unit
Answer: $10,000
Explanation:
When a Creditor relies a debtor of the obligation to pay back a debt (Debt cancellation), this is treated as income.
This income is quite taxable and must be reported on the Tax return of the year that it was forgiven.
Marie should therefore report the entire amount forgiven which was the whole amount of $10,000 in her Tax return for 2019 even though she has received no income from it.