Answer:
The amount of underapplied manufacturing overhead at the end of the year is $1200.
Explanation:
Total estimated $360,000/est
direct labour hours 45000 = $8x (Actual Dl hours) 47000
= $376,000
Actual Overhead worked = $377,200 - $376,000
= $1200 underapplied
Therefore, The amount of underapplied manufacturing overhead at the end of the year is $1200.
Answer: Micheal will earn an interest of $600 in the first year based on nominal interest rates.
Since we need to compute the interest paid out at the end of year 1, we use the following formula in order to find the interest
where
SI = Simple interest
P = Principal or initial amount invested
N = Number of years
R = Nominal interest rate
Nominal interest rate refers to the rate quoted on the CD or the rate agreed upon. In this question, the nominal interest rate is 3%.
Substituting the values in the formula above we get,
Answer:
Realidades 2 WKBK page 109
Explanation:
Realidades 2 WKBK page 109
Answer:
d. depreciation expense
Explanation:
The expenses which are paid by cash reduced the cash balance displayed in the balance sheet
. Like interest to creditors, stockholders dividend, wages expenses, miscellaneous expenses, admin expenses, etc. These expenses can be paid either by cash or by bank account
.
But the depreciation expense is a non - cash expense which reduces the fixed asset balance over the fixed asset useful life. Plus this is shown in the income statement on the debit side. Like this other examples would be goodwill impairment, amortization expenses, etc.
Answer: D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000
Explanation:
The Manufacturing overhead applied is less than the actual manufacturing overhead incurred by:
= 79,000 - 69,000
= $10,000
Manufacturing overhead is therefore underapplied as the amount applied is too low to cover the amount incurred.
The Cost of Goods sold after closing out is:
= Cost of goods sold before closing out + Underapplied manufacturing overhead
= 243,000 + 10,000
= $253,000
