The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 77,800 Accounts receivable 55,000 Interest receivable 19,000 Notes receivable (due in 90 days) 173,000 Office supplies 16,000 Automobiles 174,000 Accumulated depreciation—Automobiles $ 85,000 Equipment 140,000 Accumulated depreciation—Equipment 16,000 Land 78,000 Accounts payable 103,000 Interest payable 35,000 Salaries payable 19,000 Unearned fees 36,000 Long-term notes payable 142,000 Common stock 27,580 Retained earnings 248,220 Dividends 51,000 Fees earned 474,000 Interest earned 30,000 Depreciation expense—Automobiles 25,500 Depreciation expense—Equipment 20,000 Salaries expense 184,000 Wages expense 41,000 Interest expense 35,000 Office supplies expense 34,200 Advertising expense 61,500 Repairs expense—Automobiles 30,800 Totals $ 1,215,800 $ 1,215,800

Partnerships are the most common type of business firms in the world. t/f

The following cost data relate to the manufacturing activities of chang company during the just completed year: manufacturing overhead costs incurred: indirect materials $ 15,800 indirect labor 138,000 property taxes, factory 8,800 utilities, factory 78,000 depreciation, factory 150,600 insurance, factory 10,800 total actual manufacturing overhead costs incurred $ 402,000 other costs incurred: purchases of raw materials (both direct and indirect) $ 408,000 direct labor cost $ 68,000 inventories: raw materials, beginning $ 20,800 raw materials, ending $ 30,800 work in process, beginning $ 40,800 work in process, ending $ 70,800 the company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. a total of 20,500 machine-hours were used during the year. required: 1. compute the amount of underapplied or overapplied overhead cost for the year. 2. prepare a schedule of cost of goods manufactured for the year.

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.