Acme Corporation purchases machinery for $78,000 with a salvage value of $8,000 and an expected useful life of 7 years. What is the annual depreciation expense using the straight-line method?

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Triton Fabrication uses a predetermined factory overhead rate based on machine-hours. For March, Triton’s budgeted overhead was $144,000 based on a budgeted volume of 48,000 machine-hours. Actual overhead amounted to $138,000, with actual machine-hours totaling 50,500. What was over- or underapplied manufacturing overhead in March?

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For the month ended February 29, 2024, Collins Manufacturing reported revenues of $78,500, expenses of $72,300, and dividends of $5,800. Collins Manufacturing experienced a net income or net loss of what amount?

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.00q) Expenses: Packing supplies ($0.50q)) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.30q) Shipping ($0.80q) Utilities ($830) Other ($450 + $0.05q) Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense 8,000 $ 32,000 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420 8,000 $ 35,200 4,200 3,100 5,640 6,950 810 980 21,680 12 528

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