Chapter 1, Problem 21DQ

Can you explain this general accounting question using accurate calculation methods?

Which of the following is considered a liability on the balance sheet?a) Cashb) Accounts payablec) Owner's equityd) Revenue

Can you solve this general accounting problem with appropriate steps and explanations?

Financial accounting

Tansen Industries bases its manufacturing overhead budget on budgeted machine-hours. The production budget indicates that 8,200 machine-hours will be required in July. The variable overhead rate is $6.75 per machine-hour. The company's budgeted fixed manufacturing overhead is $145,000 per month, which includes depreciation of $17,500. All other fixed manufacturing overhead costs represent current cash flows. What should be the July cash disbursements for manufacturing overhead on the manufacturing overhead budget?

What is the formula for calculating the accounting equation?a) Assets = Liabilities + Owner’s Equityb) Liabilities = Assets + Owner’s Equityc) Assets = Revenue + Expensesd) Owner’s Equity = Liabilities + Assets

Ans

I am looking for help with this general accounting question using proper accounting standards.

How can I solve this financial accounting problem using the appropriate financial process?