Chapter 3.1, Problem 1WT

Please provide the accurate answer to this financial accounting problem using valid techniques.

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

Elmont Logistics had accounts receivable of $95,000 at January 1, 2023. At December 31, 2023, accounts receivable was $78,000. Sales for 2023 totaled $620,000. Compute Elmont Logistics' 2023 cash receipts from customers.

Zelda Manufacturing forecasts that total overhead for the current year will be $22,500,000 with 250,000 total machine hours. Year to date, the actual overhead is $10,275,000, and the actual machine hours are 110,000 hours. If Zelda Manufacturing uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is__. Determine Overapplied or Underapplied Overhead.

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Fianancial accounting question