Chapter 3, Problem 1RP

I need help with this general accounting question using the proper accounting approach.

Could you explain the steps for solving this financial accounting question accurately?

Accounting problem

What are the company's day's sales in receivables?

Patton Manufacturing applies factory overhead based on direct labor hours. At the beginning of the year, it was estimated that factory overhead costs would be $850,000 and direct labor hours would be 50,000. The actual manufacturing overhead costs incurred were $795,000, and the actual direct labor hours worked were 45,000. The entry to apply the factory overhead costs for the year would include a: a. credit to Factory Overhead for $765,000 b. debit to Factory Overhead for $795,000 c. debit to Factory Overhead for $765,000 d. credit to Factory Overhead for $850,000

Can you explain the correct methodology to solve this financial accounting problem?

I need step by step. Service revenue is $100,000 and expenses are $70,000.What is the net income to be closed to retained earnings?

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I need help finding the accurate solution to this financial accounting problem with valid procedures.