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3 years ago

9

T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would

include debit(s) to:

1 answer:

Rufina [12.5K]3 years ago

8 0

Answer:

Cash for $475 and Credit Card Expense for $25

Explanation:

Cash for $475 and Credit Card Expense for $25

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Because customers have different needs and expectations, the key to distributive fairness in service recovery is

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Because customers have different needs and expectations the key distributive fairness in

resolve the problem quickly.

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3 years ago

Kemp Manufacturing set 70,000 direct labor hours as the annual capacity measure for computing its predetermined variable overhea

harkovskaia [24]

Answer:

Kemp Manufacturing

a. Four-variance approach to determine overhead variances for March 2013:

i. Variable overhead spending variance

= (Actual hours worked × Actual variable overhead rate) – (Actual hours worked × Standard variable overhead rate)

= $225 F ($26,325 - $26,550)

ii. Variable overhead efficiency variance

= (standard hours allowed for production – actual hours taken) × standard overhead absorption rate per hour

= $360 F (5,980 - 5,900) * $4.5

iii. Fixed overhead spending variance = actual fixed overhead cost - budgeted fixed overhead cost

= $600 U ($11,400 - $10,800)

iv. Fixed overhead production volume variance = budgeted fixed overhead - applied fixed overhead costs

= $360 U ($10,440 - $10,800)

b. Journal Entries:

Manufacturing Overheads:

Debit Manufacturing Overhead $26,325

Debit Overapplied Variable Overhead 225

Credit Manufacturing Overhead Applied $26,550

To record variable overhead costs.

Debit Manufacturing Overhead $11,400

Credit Manufacturing Overhead Applied $10,800

Credit Underapplied Fixed Overhead $600

To record fixed overhead costs.

Explanation:

a) Data and Calculations:

Annual Capacity:

Direct labor hours = 70,000

Budgeted variable overhead costs = $315,000

Standard variable overhead rate = $4.50 ($315,000/70,000)

Fixed overhead = $140,400

Budgeted machine hours for the year = 3,900

Standard fixed overhead rate = $36 ($140,400/3,900)

March 2013:

Actual direct labor hours = 5,900

Machine hours = 300

Actual variable overhead = $26,325

Actual variable overhead rate per DLH = $4.462 ($26,325/5,900)

Actual fixed overhead = $11,400

Actual fixed overhead rate = $38 ($11,400/300)

Standard machine hours = 290

Standard direct labor hours = 5,980

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3 years ago

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4 years ago

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University Car Wash built a deluxe car wash across the street from campus. The new machines cost $213,000 including installation

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Answer:

Please refer explanation and tables attached

Explanation:

1. Double-declining balance Method:

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Straight Line depreciation per year = 1/6* x 100 = 16.67%

*as it is useful for six years

Hence double-depreciation value = 16.67% x 2 = 33.34%

It is calculated as depreciation rate x book value of asset at the beginning of the period.

Please refer attached table one for all years depreciation.

2. Activity based depreciation is whereby an asset is depreciated based on the asset’s activity such as the number of hours worked or the number of units produced, during a particular period of time. Activity based depreciation per year is calculated as:

[(Cost - Salvage value) x activity performed during the period] / Total estimated life activity of the asset

Please refer attached table two for all years depreciation.

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4 years ago

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If Enrique wants to include kinesthetic learning to his presentation he must at some point ask his audience to stand up and try to do some yoga exercises.

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3 years ago