Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest. To journalize : The transactions on June 30.

Question

Summit Industrial forecasts that total overhead for the current year will be $8,500,000 and that total machine hours will be 150,000 hours. Year-to-date, the actual overhead is $5,600,000, and the actual machine hours are 75,000 hours. If Summit Industrial uses a predetermined overhead rate based on machine hours for applying overhead, what is the overhead rate? a. $50 per machine hour b. $65 per machine hour c. $56.67 per machine hour d. $45 per machine hour

Answer 1

Question

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

b.

To determine

To journalize: The payment of first installment on December 31.

c.

To determine

To journalize: The payment of second installment on June 30.

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Summit Industrial forecasts that total overhead for the current year will be $8,500,000 and that total machine hours will be 150,000 hours. Year-to-date, the actual overhead is $5,600,000, and the actual machine hours are 75,000 hours. If Summit Industrial uses a predetermined overhead rate based on machine hours for applying overhead, what is the overhead rate? a. $50 per machine hour b. $65 per machine hour c. $56.67 per machine hour d. $45 per machine hour

SunTech Energy has total sales of $1,500 and costs of $850. Depreciation is $200, and the tax rate is 30%. The firm does not have any interest expense. What is the operating cash flow (OCF)?

Swift Manufacturing has a predetermined overhead rate of $5 per machine hour. Last year, the company incurred $125,500 in actual manufacturing overhead costs, and the account was $6,000 over- applied. How many machine hours were used during the year? a. 22,700 machine hours b. 26,500 machine hours c. 27,100 machine hours d. 26,300 machine hours

Answer 2

Question

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

b.

To determine

To journalize: The payment of first installment on December 31.

c.

To determine

To journalize: The payment of second installment on June 30.

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Answer 3

Question

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

b.

To determine

To journalize: The payment of first installment on December 31.

c.

To determine

To journalize: The payment of second installment on June 30.

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Answer 4

Question

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

b.

To determine

To journalize: The payment of first installment on December 31.

c.

To determine

To journalize: The payment of second installment on June 30.

Expert Solution & Answer

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Answer 5

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

b.

To determine

To journalize: The payment of first installment on December 31.

c.

To determine

To journalize: The payment of second installment on June 30.

Answer 6

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

Answer 7

Chapter 11, Problem 11.6EX

a.

To determine

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

Answer 8

b.

To determine

To journalize: The payment of first installment on December 31.

Answer 9

b.

To determine

To journalize: The payment of first installment on December 31.

Answer 10

c.

To determine

To journalize: The payment of second installment on June 30.

Answer 11

c.

To determine

To journalize: The payment of second installment on June 30.

Answer 12

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Ch. 11 - Does a discounted note payable provide credit...Ch. 11 - Employees are subject to taxes withheld from their...Ch. 11 - Prob. 3DQ Ch. 11 - Prob. 4DQ Ch. 11 - Prob. 5DQ Ch. 11 - Prob. 6DQ Ch. 11 - To match revenues and expenses properly, should...Ch. 11 - Prob. 8DQ Ch. 11 - When should the liability associated with a...Ch. 11 - Prob. 10DQ

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest. To journalize : The transactions on June 30.

Solution Summary: The author explains that note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.

To journalize: The payment of first installment on December 31.

To journalize: The payment of second installment on June 30.

Chapter 11 Solutions

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest. To journalize : The transactions on June 30.

Solution Summary: The author explains that note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest. To journalize: The transactions on June 30.

To journalize: The payment of first installment on December 31.

To journalize: The payment of second installment on June 30.

Chapter 11 Solutions

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

To journalize: The transactions on June 30.