Syracuse Metal Works produces two types of metal lampa. Syracuse manulactures 26.000 basic lamps and 4.500 designer lamps. ts simple costing system uses a single indirect-cont pool and allocates to the two lamps on the basis of direct manufacturing labor-hours t provides the folowing budgeted cost information Cick the icon view the ndomation Caloate the total budgeted costs of the basic and designer lamps using Syracuse's simple costing system Begin by calolating the budgeted indrect cost rate for the single indireci-coat poot First select the formula hen enter the applicable amounts and calculate the rate (Areons used MOH Manutacturing Ovemead) Budgeted indrect mandacturing costs . Budgeted manulactuning labor houn Budgeted MOH ate s15 per manufacturtng labor-hour 216.750 14.450 Now caloulate the total budgeted costs and per unit costa of the tasic and designer lamps uning Syracuse's smple costing system Rount al per unt amounts to two decmat ata) Basic lamps Total Per unit Direct materals Deect manutactuing labor Total deect costs Indirect costs alocated Total costs
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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