Requirements:
Q: Define Prior service cost.
A:
Q: Define stand by spares.
A: Current assets: The assets of the company that cannot be converted into cash within a period of…
Q: Define LIFO conformity rule.
A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…
Q: Define specific identification
A: Method of Inventory: Inventory refers to the current assets that a company expects to sell during…
Q: Define composition
A: Composition: The composition is the act of putting something jointly, or the grouping of rudiments…
Q: Required
A: The contribution margin is the percentage of total contribution to the total sales amount. This…
Q: Define Assigning.
A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…
Q: Define Account class exercise
A: Account class is the term used in the accounting software where there is need to classify customer…
Q: Requirements: Compute for the basic and diluted EPS.
A: Earnings per share are the earnings of shareholders after all the payments towards expenses…
Q: NEED ASAP
A:
Q: Define Service period
A: Introduction: Usually, service is nothing but something that is supposed to support other who offer…
Q: Describe about the basic EPS.
A:
Q: Required:
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Define tangible.
A: Tangible means anything that can be touched and seen.
Q: How to calculate Specification identification
A: Inventory is considered as the items that kept in a business for production or sale or production.…
Q: Define covenant
A: Answer: Covenant is a way to regulate the usage of property. This is an agreement made in the…
Q: Define rights offering
A: A rights offering is an offer made by a Company to issue additional stock to the existing…
Q: Define the term performance obligations.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: acti
A: On September 1 LGS gives loan to Eden co of 11000 at an interest rate of 7 percent per annum.…
Q: importance of setting standards for delivery of service
A: About Service : A service is intangible product based transaction. Quality, efficiency and…
Q: Define regulation D
A: The Accounting Standards are specific set of principles and procedures set by the authorized bodies…
Q: Define Hedging.
A: Hedging is the transfer of risk from a risky financial instrument to another instrument by buying or…
Q: Define the term Net method.
A: As per the net method, the company records the amount of purchase by deducting any potential…
Q: Prepare an inc
A: In this problem we need to calculate operating income from the given…
Q: To incorporate,
A:
Q: Identify special issues related to LIFO.
A: LIFO (Last in First out): In this method, the units bought last are sold first. In other words, in…
Q: Define collection policy
A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…
Q: aw materials available for use under
A: Amount of Raw Material available for Use and Raw material Issued and Remaining Raw material…
Q: allocation base
A: Allocation base is the basis on which an overheads are allocated among different products, services,…
Q: Prepare SFP
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: inform Label
A: Gross Income of any individual refers all types of taxable…
Q: Define Ethics.
A: Ethics are a set of moral principles they affect how people in a society make decisions and how…
Q: Requirement Show your working
A: The calculations represented below shows the schedule of payment:
Q: Define structured note
A: A structured note is a debt obliged derivative that helps portfolio managers to provide their…
Q: Define service sector.
A: Service Sector: The service sector produces intangible goods, more precisely services instead of…
Q: Required: a. Prepare journa
A: ( All figure are in Php ) On 1/1/2020, Notes Payable to Bank, Bearing Date April 01,2019 2800000…
Q: Define call provision
A: The bonds refer to the debt securities that allow the issuer to raise capital from external sources,…
Q: What are support events?
A:
Q: Define inventoriable costs.
A: Inventoriable Costs are also known as Product Costs. Inventoriable cost is the cost of manufacture…
Q: Read and interpret abalance sheet.
A: A balance Sheet or statement of financial position shows the list of assets, liabilities and equity…
Q: Çost sheet,
A: Definition: Production Cost: It is the expense that is paid for manufacturing the products. It…
Q: Betermine the IMU% needed for this department
A: IMU- Initial Markup is the percentage of markup on the cost of goods sold. That means it is the…
Q: Define Materiality.
A: In accounting, materiality refers to the relative size of an amount. Relatively large amounts are…
Step by step
Solved in 2 steps with 2 images
- Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year. It found that actual overhead was $102,000 and required 26,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under applied or over applied overhead.The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
- During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account. $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100
- When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under- or over applied overhead.The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 C. 250,000B. 500,000 D. 100,000
- MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 B. 500,000 C. 250,000 D. 100,00MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 C. 250,000B. 500,000 D. 100,000The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. 2. Determine how much overhead would be applied to Job F3 if the predetermined overhead rateis based on estimated amount of the allocation base. _______________