Chapter 14, Problem 3UJ

Equipment with a cost of $1,912,000 has an estimated salvage value of $52,000 and an estimated life of 4 years or 47,000 hours. It is to be depreciated using the units-of-activity method. What is the amount of depreciation for the first full year, during which the equipment was used for 9,200 hours?

Determine the departmental factory overhead

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Please provide the accurate answer to this general accounting problem using appropriate methods.

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On October 1 of the current year, an unmarried taxpayer retires and begins receiving monthly pension checks in the amount of $2,400. During her working years, the taxpayer contributed $6,300 to her employer's pension plan with after-tax dollars. Using the taxpayer’s age at retirement, the expected number of monthly payments is 210. Of the $7,200 in pension benefits received during the current year, what amount must she include in gross income?

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DYLAN MERCHANDISING CO. is the leading distributor of musical instruments. The company uses the first-in-first-out (FIFO) method of calculating the cost of inventories. Information for DYLAN’s top two products for the month of May is presented below: (see attached image)On May 31, DYLAN’s suppliers reduced their price from the last purchase price by the following percentages:GUITAR 25%PIANO 20%Accordingly, DYLAN reduced its selling prices by 15% on all items beginning June 1. Selling costs are estimated at 10% of selling price and both products have a normal profit of 30% on sales (after selling costs). How much is the loss on inventory write-down, if any, for the month of May?

General accounting question