Chapter 6, Problem 13DQ

A broadcasting company failed to make a year-end accrual of $200,000 for fines due to a violation of FCC rules. Its tax rate is 40%. As a result of this error, net income was_. a. Overstated by $80,000. b. Overstated by $120,000. c. Overstated by $250,000. d. Unaffected.

Martin Corp. estimated total overhead costs of $4,800,000 for the year and expected to use 80,000 direct labor hours. In March, Martin Corp. used 6,500 direct labor hours and incurred actual overhead costs of $370,000. a) What is the predetermined overhead rate? b) How much is the over- or under-applied overhead for March?

How much wage expense should be accured on Wednesday?

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Sprite Company's unadjusted bank balance on March 31 is $6,490. The bank reconciliation revealed outstanding checks amounting to $940 and deposits in transit of $640. Based on this information, Sprite's true cash balance is _.