Business, 07.11.2019 20:31 itsshyraa

Floral foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. at the beginning of the year, the company expected to incur the following: manufacturing overhead costs. . . . $640,000direct labor cost. . . . . . . . . .$1,600,000machine hours. . . . . . . . . . .80,000at the end of the year, the company had actually incurred the following: direct labor cost. . . . . . . . . . . . . . $1,190,000depreciation on manufacturing plant andequipment. . . . . . . . . . . . $490,000property taxes on plant. . . . . . . . . . . $19,500sales salaries. . . . . . . . . . . . . . . $24,000delivery drivers' wages. . . . . . . . . . . $16,500plant janitors' wages. . . . . . . . . . . . $8,500machine hours. . . . . . . . . . . . . . .56,000 hoursfloral's accountant found an error in the expense records from the year reported. depreciation on manufacturing plant and equipment was actually$400,000 not the $490,000 that had originally been reported. the unadjusted cost of goods sold balance at year-end was$570,000 the manufacturing overhead allocated to jobs was$448,000read the requirementsprepare the journal entry to record manufacturing overhead costs incurred.2.prepare the journal entry to record the manufacturing overhead allocated to jobs in production.3.use a t-account to determine whether manufacturing overhead is underallocated or overallocated and by how much.4.record the entry to close out the underallocated or overallocated manufacturing overhead.5.what is the adjusted ending balance of cost of goods sold? prepare the journal entry to record manufacturing overhead costs incurred. (record debits first, then credits. exclude explanations from any journal entries.)

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 10:50, dbhuggybearow6jng

Melissa is a very generous single woman. before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. in the current year, melissa gave her daughter riley $100,000 and promptly filed her gift tax return. melissa did not make any other gifts this year. how much gift tax must riley pay the irs because of this transaction?

Answers: 2

continue

Business, 22.06.2019 15:20, babyduck0664

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."

Answers: 3

continue

Business, 23.06.2019 17:00, oliviaciscooc

Flounder supply company, a newly formed corporation, incurred the following expenditures related to land, to buildings, and to machinery and equipment. abstract companyâ€™s fee for title search $1,066 architectâ€™s fees 6,499 cash paid for land and dilapidated building thereon 178,350 removal of old building $41,000 less: salvage 11,275 29,725 interest on short-term loans during construction 15,170 excavation before construction for basement 38,950 machinery purchased (subject to 2% cash discount, which was not taken) 112,750 freight on machinery purchased 2,747 storage charges on machinery, necessitated by noncompletion of building when machinery was delivered 4,469 new building constructed (building construction took 6 months from date of purchase of land and old building) 994,250 assessment by city for drainage project 3,280 hauling charges for delivery of machinery from storage to new building 1,271 installation of machinery 4,100 trees, shrubs, and other landscaping after completion of building (permanent in nature) 11,070 instructions determine the amounts that should be debited to land, to buildings, and to machinery and equipment. assume the benefits of capitalizing interest during constructionexceed the cost of implementation. indicate how any costs notdebited to these accounts should be recorded.

Answers: 2

continue

Business, 23.06.2019 17:00, angie2118

5. understanding marginal and average tax rates consider the economy of citronia, where citizens consume only oranges. assume that oranges are priced at $1 each. the government has devised the following tax plans: plan a â€˘ consumption up to 1,000 oranges is taxed at 50%. â€˘ consumption higher than 1,000 oranges is taxed at 20%. plan b â€˘ consumption up to 2,000 oranges is taxed at 15%. â€˘ consumption higher than 2,000 oranges is taxed at 60%. use the plan a and plan b tax schemes to complete the following table by deriving the marginal and average tax rates under each tax plan at the consumption levels of 300 oranges, 1,200 oranges, and 3,000 oranges, respectively. consumption level plan a plan b (quantity of oranges) marginal tax rate average tax rate marginal tax rate average tax rate (percent) (percent) (percent) (percent) 300 1,200 3,000 complete the following table by indicating whether each plan is a progressive tax system, a proportional tax system, or a regressive tax system. progressive proportional regressive plan a plan b

Answers: 2

continue

You know the right answer?

Floral foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual j...