At the end of the year, overhead applied was $4,150,000, while actual overhead was $3,720,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to:
Q: Compute the prime costs
A: Explanation of Prime Costs:Prime costs refer to the direct expenses incurred in manufacturing a…
Q: What are the four main financial statements, and what do they represent?
A: Income Statement - Shows a company's revenues, expenses, and net profit or loss over a…
Q: provide correct answer General accounting
A: Step 1: Define Ending Inventory (Gross Profit Method)The Gross Profit Method is a technique used to…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Debt to Equity RatioThe debt-to-equity ratio measures a company's financial…
Q: Glacier Textiles uses a standard costing system. The following data are available for November: • •…
A: Step 1: Definition of Material Price VarianceMaterial Price Variance (MPV): It measures the…
Q: A retail business has total sales of $950,000, total equity of $625,000, a profit margin of 5.2%,…
A: To calculate the Return on Assets (ROA), we use the formula: ROA=Net Income/Total Assets Step 1:…
Q: Net operating income
A: Step 1: Introduction to CVP AnalysisCVP analysis, or cost-volume-profit analysis, is a management…
Q: Answer this question with correct data . otherwise i will give unhelpful if image is blur then…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Variable costs as a percentage of sales for Orchard Co. are 75%, current sales are $800,000, and…
A: Step 1: Definition of Sales Required for Desired Net IncomeSales required to achieve a desired net…
Q: Please help me correct the wrong answers:Depreciation expense cant be: 11k or 12,625
A: The depreciation expense for 2024 is calculated using the straight-line method. The formula for…
Q: What are the three main audit risks faced by independent auditors? Which party is responsible for…
A: Audit risk is the risk that an auditor may issue an unqualified report due to the auditor's failure…
Q: Compute the number of units
A: To determine the number of units that must be sold to achieve a target pretax income of $160,000,…
Q: Provide correct answer general accounting question
A: The dividend yield is calculated using the formula:Dividend Yield=(Annual Dividend per Share/Market…
Q: What must the owners equity at the beginning of the year have been ? Please give answer the…
A: Step 1: Define Owner's EquityOwner's Equity represents the owner's claim or interest in the assets…
Q: Net operating income should be
A: Explanation of Contribution Margin:Contribution margin is the amount remaining from sales revenue…
Q: Financial accounting tikkis prob
A: To calculate Return on Equity (ROE), we use the formula:ROE = (Net Income / Total Equity) × 100Given…
Q: Comute the account receivable turnover
A: Explanation of Accounts Receivable:Accounts receivable refers to the amount of money a company is…
Q: Need answer
A: Machine Operator Wages are the Direct Labor Cost = $190,000 Calculation of Prime CostPrime Cost =…
Q: Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. The cost of goods sold was…
A: Step 1: Definition of Gross ProfitGross profit is the amount remaining after deducting the cost of…
Q: GoldenTech Corporation had a net income of $625,000 in 2021. If the company's net income increased…
A: The net income for 2022 is calculated as: $625,000 × 1.156 = $722,500 Correct answer: (c) $722,500 ✅
Q: What will the length of the cash cycle be after these changes?
A: The cash cycle is calculated as: Cash Cycle=Receivables Period+Inventory Period−Payables Period…
Q: Ans
A: Concept of Fixed Costs:Fixed costs are business expenses that remain constant regardless of the…
Q: General accounting
A: Step 1: Definition of Cost of Goods Manufactured (COGM), Cost of Goods Sold (COGS), and Net…
Q: Need help this question
A: Step 1: Analysis of information givenBook Value = $14,000Sale Value = $12,000We need to calculate…
Q: Get accurate answer and step by step calculation with explanation of this general accounting…
A: Step 1: Definition of Owner's Contribution (Owner Capital)Owner's contribution (or owner's capital)…
Q: What do the total assets equal to this financial accounting question?
A: Step 1: Define Total Assets:Total Assets represent all the economic resources owned or controlled by…
Q: Financial accounting
A: Step 1: Define Dividend YieldDividend Yield: It measures how much cash flow an investor is getting…
Q: Quick answer of this accounting questions
A: Calculation of Westbrook Company's Ending Equity In accounting, a company's ending equity is…
Q: Solaris Industries' break-even point in sales is $950,000, and its variable expenses are 70% of…
A: Explanation of Break-even Sales:Break-even sales represent the total revenue needed to cover all…
Q: General accounting
A: Step 1: Define Net IncomeNet income is the profit a company earns after deducting all costs,…
Q: Help
A: Step 1: DefinitionsExplanation of Overhead Costs:Overhead costs refer to all indirect costs involved…
Q: The predetermined overhead rate for Silver Inc. is $9, which is made up of a variable overhead rate…
A: Option A: This option is incorrect because $1,400 unfavorable (U) implies that actual overhead…
Q: cost accounting
A: Step 1: Definition of Accrued Interest PayableAccrued Interest Payable is the interest expense that…
Q: Dior Enterprises has a beginning equity of $315,000, net income of $64,000, dividends of $50,000,…
A: Explanation of Beginning Equity:Beginning equity refers to the owner's equity or shareholders'…
Q: Accounting questions
A: Step 1: Definition of Profitability Index (PI)The Profitability Index (PI) is a financial metric…
Q: A company had expenses other than the cost of goods sold of $280,000. Determine sales and gross…
A: Step 1:First calculate the gross profit: Gross profit = Net income + Expenses other than cost of…
Q: What is your firms beginning cash balance on september 1 ? General accounting question
A: Step 1: Define Accounts ReceivableAccounts Receivable refers to the money owed to a business by its…
Q: What are the key differences between cash accounting and accrual accounting?
A: Timing of Revenue and Expenses:Cash Accounting: Records transactions when cash is received or…
Q: Estimated variable portion of maintenance costs
A: Explanation of Fixed Cost:Fixed cost is an expense that remains constant regardless of the level of…
Q: Silverline Enterprises has Total Assets of $9,750, Contributed Capital of $5,200, and Retained…
A: To find the total amount of liabilities on the balance sheet, we use the accounting equation:…
Q: Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x +…
A: Step 1:FIFO:-Fifo is the method of valuation of inventory in which inventory purchased first will be…
Q: Sales must have amounted to
A: Solaris Industries has a break-even threshold of $950,000, with variable costs constituting 70% of…
Q: Choice
A: Step 1: Definition of Profit MarginThe profit margin is a financial metric that measures the…
Q: Right answer
A: Lets Estimate the Appropriate Stock Price for TrendSphere Inc. Given DataWe have the following…
Q: the finished products are sold?
A: Step 1: Definition of Operating CycleThe Operating Cycle is the time it takes for a company to…
Q: Subject is General Account
A: To calculate the company's share price based on the industry P/E ratio, we use the formula: Share…
Q: In the process of reconciling its bank statement for July, Summit Retailers compiles the following…
A: Adjusted Cash Balance per Books on July 31 To determine the adjusted cash balance per the books on…
Q: What is the return on equity?
A: Final Answer:10%
Q: BlueSky Corp. has $1.5 million in current assets and $700,000 in fixed assets, less $250,000 in…
A: Step 1: Definition of EquityEquity represents the ownership interest held by shareholders in a…
Q: General accounting question
A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio measures a company's financial…
At the end of the year, overhead applied was $4,150,000, while actual overhead was $3,720,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to:
Step by step
Solved in 2 steps
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to increase or decase and by how much?At the end of the year, overhead applied was $3,657,000. Actual overhead was $3,326,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to
- At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing over/under applied overhead into cost of goods sold would cause net income to: O Decrease by $300,000 O Remain constant O Increase by $700,000 O Decrease by $700,000Financial accountingAt the end of the year, overhead applied was $3,691,000. Actual overhead was $3,451,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to Oa. increase by $480,000 Ob. decrease by $240,000 Oc. increase by $240,000 Od. decrease by $480,000
- At the end of the year, overhead applied was $3,675,000. Actual overhead was $3,498,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.increase by $177,000 b.increase by $354,000 c.decrease by $354,000 d.decrease by $177,000The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)Assume that actual overhead is $613,000 in a given year, the overhead rate is $10 per unit, 60,000units were sold, and 59,000 units were produced. For the end of the year, is overhead underapplied oroverapplied? By how much?
- Need help with this accounting questionGrayson Manufacturing disposes of under or overapplied overhead at year-end as an adjustment to the cost of goods sold. Prior to disposal, the firm reported a cost of goods sold of $725,000 in a year when manufacturing overhead was underapplied by $22,400. If sales revenue totaled $2,850,000, determine: 1. Grayson's adjusted cost of goods sold. 2. Gross margin.A company estimates the following manufacturing costs for the next period: direct labor, $468,000; direct materials, $390,000; and factory overhead, $117,000. Compute its predetermined overhead rate as a percent of (1) direct labor and (2) direct materials. Express your answers as percents, rounded to the nearest whole number.
