Stephani Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of May. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $53,000 and the total of the credits to the account was $69,000. Which of the following statements is true?

a. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $75,000.
b. Actual manufacturing overhead incurred during the month was $56,000.
c. Manufacturing overhead applied to Work in Process for the month was $75,000.
d. Manufacturing overhead for the month was underapplied by $19,000.

Answers

Answer 1

Answer:

the manufacturing overhead for the month should be overapplied by $16,000

Explanation:

Given that

The debit to the manufacturing overhead is $53,000

And, the credit balance is $69,000

So, it should be overapplied by the

= $53,000 - $69,000

= $16,000

Therefore the manufacturing overhead for the month should be overapplied by $16,000

This is the answer but the same is not provided in the given options


Related Questions

Which 3 types of customer statements can QuickBooks Online generate?

Answers

Answer:

There are three types of customer statements in QuickBooks Online.

- Balance Forward: A list of invoices and payments with balance for date range selected.

- Open Item: A list of open, unpaid invoices from the last 365 days.

- Transaction Statement: A list of transactions between the selected dates.

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Yesterday, the dollar was trading in the foreign exchange market at 1.10 euros per dollar.​ Today, the dollar is trading at 1.20 euros per dollar. The dollar has​ ________ and a possible reason for the change is​ ________ in the expected future exchange rate.

Answers

Answer: appreciated; an increase.

Explanation:

Since there's an increase in the dollar rate at the foreign exchange market at 1.10 euros per dollar to 1.20 euros per dollar, this implies that the dollar has appreciated.

The appreciation of the dollar simply means that there's an increase in the value of the dollar when it's compared to.anitgee currency. Tge reason for the change is​ the increase in the expected future exchange rate.

Tora Co. plans to produce 1,020 units in July. Each unit requires two hours of direct labor. The direct labor rate is $20 per hour. Prepare a direct labor budget for July.\

Answers

Answer: $40,800

Explanation:

Each unit requires 2 hours of direct labor.

1,020 units would therefore require:

= 1,020 * 2

= 2,040 hours of labor

The direct labor rate is $20 per hour. If there are 2,040 hours to be worked, the cost would therefore be:

= 20 * 2,040

= $40,800

Goal setting is a valuable tool for improving your own performance and managing that of your subordinates.

a. True
b. False

Answers

The correct answer to your question is true

type of power based on manager's ability to influence employees with something of value to them.​

Answers

Answer:

incentive or reward

Explanation:

incentive pay, time and a half pay for overtime are examples

Cosmo Company reported credit sales of $345,000 for the calendar year in its first year of operations. At December 31, customers buying on credit owed $35,000 to the company. Based on the experience of similar businesses, management estimates that $3,500 of its accounts receivable will be uncollectible.

Required:
Prepare the necessary December 31 adjusting entry by selecting the correct account names and dollar amounts

Answers

Answer and Explanation:

The journal entry is given below:

Bad debt expense  $3,500

         To Allowance for doubtful debts $3,500

(Being bad debt expense is recorded)

Here bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets

The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals.

a. True
b. False

Answers

the answer is A. true

To reduce your chances of identify theft you should


a.
carry your Social Security Card in your wallet.
b.
check your credit rating regularly.
c.
only use drive thru ATM’s.
d.
never keep receipts with credit information printed on them.

Answers

To reduce your chances of identify theft you should: d. never keep receipts with credit information printed on them.

What is identity theft?

Identity theft  can be defined as the way in which person tend to make use of another person personal data or information so as to defraud people or to commit a crime.


This person can either make use of the person name, credit card numbers among others to commit a fraudulent act by impersonating the owner without the awareness of the person that owns the information.

In order to reduce the  identify theft  it is advisable that  a person should never keep  receipts that has details of their credit information printed on them as a fraudster can make use of the information to defraud or to commit crime.

Therefore To reduce your chances of identify theft you should: d. never keep receipts with credit information printed on them.

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Brownley Company has one service department and two operating (production) departments. Payroll Department costs are allocated to the two operating departments in proportion to the number of employees in each. Listed below are the operating data for the current period: Department Direct Expenses No.of Employees Payroll $ 26,000 Milling 80,000 52 Assembly 109,600 78 The total cost of operating the Milling Department for the current period is: rev: 12_17_2020_QC_CS-243789 Multiple Choice $90,400. $95,600. $10,400. $15,600. $80,000.

Answers

Answer:

$90,400

Explanation:

Calculation to determine Cost of operating mining department

Using this formula

Cost of operating mining department= Direct Cost + Payroll cost allocated

Let plug in the formula

Cost of operating mining department= 80,000 + (26,000/130)*52

(52+78=130)

Cost of operating mining department= 80,000 + $10,400

Cost of operating mining department= $90,400

Therefore Cost of operating mining department is $90,400

the ness company sells $5,000,000 of five-year, 10% bonds at the start of the year. the bonds have an effective yield of 9%. present value factors are below: The amount of bond premium amortization for Year 2 is:

Answers

Answer:

The amount of bond premium amortization for Year 2 is:

=  $35,421.26

Explanation:

a) Data and Calculations:

Face value of bonds = $5,000,000

Selling price of bonds = $5,194,482.56

Premium on bonds = $194,482.56

Coupon interest rate = 10%

Effective yield = 9%

Annual interest payment = $500,000 ($5,000,000 * 10%)

N (# of periods)  5

I/Y (Interest per year)  9

PMT (Periodic Payment)  500000

FV (Future Value)  5000000

Amortization Schedule

Period PV                            Annual PMT     Interest        Amortization

Year 1       $5,194,482.56     $500,000.00   $467,503.43      $32,496.57

Year 2      $5,161,985.99      $500,000.00 $464,578.74       $35,421.26

Year 3      $5,126,564.73     $500,000.00 $461,390.83       $38,609.17

Year 4    $5,087,955.56      $500,000.00 $457,916.00     $42,084.00

Year 5     $5,045,871.56      $500,000.00 $454,128.44    $45,871.56

End of Year 5 FV = $5,000,000

Results

PV = $5,194,482.56

Sum of all periodic payments $2,500,000.00

Total Interest $2,305,517.44

Gomez argues that we need to increase the nation's output. Chang contends that our top priority should be a more equal distribution of income and output. It can be correctly stated that these two goals are:
A. essentially unrelated.
B. complementary because the realization of one will promote fulfillment of the other.
C. at least partially competing because the redistribution of income might impair incentives to work and produce.
D. complementary because a more equal distribution of income always promotes economic growth.

Answers

Answer:

I can't understand the question

Sales-Related Transactions
Merchandise is sold on account to a customer for $7,400, terms FOB shipping point, 1/10, n/30. The seller
paid the freight of $390. Determine the following:
a.
Amount of the sale

b.
Amount debited to Accounts Receivable

c.
Amount received within the discount period
7,326 X

Answers

Answer:

a. Particulars                       Amount

Sales revenue - Gross        $7,400

Less: Sales discount           $74       ($7,400*1%)

Net sales revenue               $7,474

b. Particulars                                                Amount

Sales revenue-Net                                        $7,474

Add: Freight paid on behalf of purchaser   $390  

Account receivable debited                        $7,864

c. Particulars                                    Amount

Total amount due                           $7,938

Less: Sales discount ($7,400*1%)   $74  

Net amount to be received            $7,864

Why does the government sometimes use an expansionary fiscal policy?

Answers

Expansionary fiscal policy is used to kick-start the economy during a recession. It boosts aggregate demand, which in turn increases output and employment in the economy.

Wages of 8,000 are earned by workers but not paid as of december 31

Answers

Answer:

huh i dont understand that question no choosing letter

You are considering the purchase of a machine out of your evaluation among four new ones. They have differing initial and ongoing costs and differing lives. Whichever machine is purchased will be replaced at the end of its useful life. Under such circumstances, you should choose the machine to purchase based on the ___________________.

Answers

Answer:

Lowest equivalent annual cost.

Explanation:

Considering the above scenario, it is more advantageous to choose the machine that has the lowest equivalent annual cost. As the newly acquired machine will be replaced at the end of its useful life, it is more advantageous for it to have a higher performance and lower annual cost among others, as the cost of depreciation of machinery and equipment must be considered as a fixed cost that will also directly impact a company's accounts.

Sports Corp has 11.7 million shares of common stock outstanding, 6.7 million shares of preferred stock outstanding, and 2.7 million bonds. If the common shares are selling for $26.7 per share, the preferred share are selling for $14.2 per share, and the bonds are selling for 96.83 percent of par, what would be the weight used for common stock in the computation of Sports's WACC

Answers

Answer: 10.34%

Explanation:

First calculate the value of the company's total capital:

= Common stock + Preferred stock + Debt

= (11,700,000 * 26.70) + (6,700,000 * 14.20) + (2,700,000 * 96.83/100 * 1,000 par value)

= $3,021,940,000

The weight to be used for common stock is:

= Common stock value / Total capital value

= (11,700,000 * 26.70) / 3,021,940,000

= 312,390,000 / 3,021,940,000

= 10.34%

During April, Cavy Company incurred factory overhead as follows:

Indirect materials $11,600
Factory supervision labor 3,700
Utilities 500
Depreciation (factory) 600
Small tools 230
Equipment rental 720

Journalize the entry to record the factory overhead incurred during April.

Answers

Answer and Explanation:

The journal entry is given below:

Factory Overhead  $17,350

   Materials $11,600

   Wages Payable  $3,700

   Utilities payable  $500

   Accumulated Depreciation $600

   Small tools  $230

   Equipment Rental payable $720

(To record the factory overhead incurred during April)

Here the factory overhead is debited as it increased the expense and credited the payable accounts as it increased the liabilities, credited the material, accumulated depreciation and small tools

You own a portfolio that is invested 15 percent in Stock X, 35 percent in Stock Y, and 50 percent in Stock Z. The expected returns on these three stocks are 9 percent, 15 percent, and 12 percent, respectively. What is the expected return on the portfolio

Answers

Answer:

12.60%

Explanation:

The expected return on the portfolio is the sum of the weighted expected return of each stock in the portfolio

(0.15 x 9) + (0.35 x 15) + (0.5 x 12)

= 1.35 + 5.25 + 6

= 12.6%

Arndt, Inc. reported the following for 2021 and 2022 ($ in millions):
2021 2022
Revenues 888 980
Expenses 760 800
Pretax accounting income (income statement) 128 180
Taxable income (tax return) 116 200
Tax rate: 25%
a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost is tax deductible in 2021.
b. Expenses include $2 million insurance premiums each year for life insurance on key executives.
c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint. View this as two temporary differences-one reversing in 2021; one originating in 2021.
d. 2021 expenses included a $14 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2022.
e. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible.
f. At January 1, 2021, Arndt had a deferred tax asset of $4 million and no deferred tax liability.
Required:
1. Which of the five differences described in items a-e are temporary and which are permanent differences?
2. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2022.
3. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. (Amounts to be deducted should be indicated with a minus sign.

Answers

iequie   nswer:q

Explanation:

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Begin with a single sum of money at period 0. First, calculate a future value of that sum at 12.01%. Then discount that future value back to period 0 at 11.99%. In relation to the initial single sum, the discounted future value:_________

a. Is greater than the original amount
b. Is less than the original amount
c. Is the same as the original amount
d. Cannot be determined with the information given

Answers

Answer:

A

Explanation:

Let single sum = 100

The formula for calculating future value:

FV = P (1 + r)^nm

FV = Future value  

P = Present value  

R = interest rate  

m = number of compounding

N = number of years  

Future value in year 1 = 100 x 1.1201 = 112.01

Present value = future value / (1 + r)

112.01 / 1.1199 = 100.02

The discounted future value, 100.02 , is greater than, 100, the value at the initial stage by 0.02

During year 1 meriwerher construction company started a construction job with a contract price 3,000,000 the job was completed in year 2

Answers

Answer Correct Answer = Option ‘C’ $ 350,000= Gross Profit for Year 2 Working for above answer Working Year 1 end Year 2 End A Contract Price $ 3,000,000

HOPE SO IT HELPS YOU

Exercise 8-22 Evaluating efficient use of assets LO A1 Lok Co. reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3.

Answers

Answer:

Total asset turnover = Net sales / Average total assets

Year 2:

= 5,856,480 / (1,686,000 + 1,800,000) / 2

= 5,856,480 / 1,743,000

= 3.36

Year 3:

= 8,679,690 / (1,800,000 + 1,982,000) / 2

= 8,679,690 / 1,891,000

= 4.59

Jack is a married male, while John is single. Your company has an assignment in a branch in Mexico that would last a couple of years. Management feels that John would be better for this assignment because he is single and is free to move. Is this decision fair?

Answers

yes, however we aren’t given a lot of details on the circumstance. For example, John might have another job and/or children. While Jack had no kids and wife doesn’t have a job

No, It is an unfair decision by an employer to discriminate based on an applicant's marital status or perceived marital status. Although in contradict to this situation there is evidence that employers prefer and promote men who are married with children, especially compared to their childless male peers and to mothers as married men are often seen as more responsible and dedicated workers.

What is a marital status?

Civil status, or marital status, are the distinct options that describe a person's relationship with a significant other. Married, single, divorced, and widowed are examples of civil status. Whether or not marital status discrimination is illegal depends on the laws of your state. Federal law doesn't prohibit discrimination on the basis of an employee's or applicant's marital status. However, almost half of the states and the District of Columbia have outlawed this type of discrimination Employers in California are prohibited from asking certain types of questions during a job interview. This includes questions about an applicant's race, religion, or marital status.

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A three-year bond has an 8.0 percent coupon rate and a $1,000 face value. If the yield to maturity on the bond is 10 percent, calculate the price of the bond assuming that the bond makes semiannual coupon payments.

Answers

Answer:

$949.24.

Explanation:

The price of the bond also known as the Present Value (PV) of the Bond CAN be calculated using a Financial Calculator as

FV = $1,000

I/yr = 10%

Pmt = ($1,000 x 8.0 %) / 2 = $40

N = 3 x 2 = 6

P/yr = 2

PV = ???

Inputting the data in a Financial Calculator gives a Present Value of $949.24. Thus the price of the bond is $949.24.

Minor Electric has received a special... Minor Electric has received a special one-time order for 1,500 light fixtures (units) at $11 per unit. Minor currently produces and sells 7,500 units at $12.00 each. This level represents 75% of its capacity. Production costs for these units are $13.50 per unit, which includes $9.00 variable cost and $4.50 fixed cost. To produce the special order, a new machine needs to be purchased at a cost of $625 with a zero salvage value. Management expects no other changes in costs as a result of the additional production. If Minor wishes to earn $1,075 on the special order, the size of the order would need to be:_______.
a. 3,400 units
b. 683 units
c. 1,700 units
d. 136 units
e. 850 units

Answers

Answer:

e. 850 units

Explanation:

Desired profit = $1,075

New machine cost = $625

Variable cost per unit = $9 per unit

Sale price per unit = $11 per unit

Order size = (Desired profit + Machine cost) / Contribution margin per unit

Order size = ($1,075 + $625) / ($11 - $9)

Order size = $1,700 / $2

Order size = 850 units

So therefore, if Minor wishes to earn $1,075 on the special order, the size of the order would need to be 850 units.

Firms engaged in international trade deal with people they may have never seen, who live in different countries, who speak different languages, and who abide by different legal systems. These factors result in

Answers

Answer:

a lack of trust between the parties.

Explanation:

It is correct to say that these factors result in a lack of trust between the parties, due to social, political and cultural differences between different countries.

To reduce the lack of trust between the parties, it is necessary that companies operating in international trade comply with the legal, ethical and moral rules of the location where they are located, maintaining a multicultural relationship with their stakeholders, observing their preferences and desires and aligning its products and services to what local consumers are looking for in a company. Creating value for the consumer increases the company's confidence and positioning in an international market.

Estimated inventory (units), May 1 19,800 Desired inventory (units), May 31 19,400 Expected sales volume (units): Area W 6,600 Area X 10,000 Area Y 7,500 Unit sales price $13.00 The number of units expected to be sold in May is a.24,100 b.28,920 c.21,690 d.14,100

Answers

Answer:

a.24,100

Explanation:

The computation of the no of units expected to be sold is given below:

= expected sales volume units

= 6,600 units + 10,000 units + 7,500 units

= 24,100 units

Hence, the no of units expected to be sold is 24,100 units

hence, the correct option is a.

advantages of discounted payback period​

Answers

Answer:

The main advantage of the discounted payback period method is that it can give some clue about liquidity and uncertainly risk. Other things being equal, the shorter the payback period, the greater the liquidity of the project. Also, the longer the project, the greater the uncertainty risk of future cash flows.

Terry estimates that the costs of insurance, license, and depreciation to operate his car total $460 per month and that the gas, oil, and maintenance costs are 34 cents per mile. Terry also estimates that, on average, he drives his car 2,000 miles per month. Required: a. How much cost would Terry expect to incur during July if he drove the car 1,534 miles

Answers

Answer:

Total cost= $984.62

Explanation:

Giving the following information:

Fixed cost= $460

Unitary variable cost= $0.34 per mile

Miles driven= 1,534

First, we need to establish the total cost formula:

Total cost= fixed cost + unitary variable cost*number of units

Total cost= 460 + 0.34*x

x= number of miles

Now, the total cost for the month:

Total cost= 460 + 0.34*1,543

Total cost= $984.62

Retained earnings, December 31, 2013 $342,700
Cost of buildings purchased during 2014 44,100
Net income for the year ended December 31, 2014 56,200
Dividends declared and paid in 2014 32,800
Increase in cash balance from January 1, 2014, to December 31, 2014 22,700
Increase in long-term debt in 2014 45,300
Required:
Calculate the Retained Earnings balance as of December 31, 2014.

Answers

Answer:

the  ending retained earning balance is $366,100

Explanation:

The computation of the ending retained earning balance is given below:

= Opening balance of retained earnings + net income - dividend paid

= $342,700 + $56,200 - $32,800

= $366,100

Hence, the  ending retained earning balance is $366,100

The same should be considered and relevant

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