Chapter 7, Problem 79IIP

Can you solve this general accounting problem using accurate calculation methods?

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Carlisle Services reported revenues of $78,000, expenses of $72,500, and dividends of $5,800 for the month ended February 28, 2024. Carlisle Services experienced a net income or net loss of what amount?

During 2022, the assets of Innovative Solutions increased by $67,000, and the liabilities decreased by $13,000. If the owner's equity in Innovative Solutions is $180,000 at the end of 2022, the owner's equity at the beginning of 2022 must have been __.

Linden Production Company observed that, during its busiest month of 2023, maintenance costs totaled $22,400, resulting from the production of 50,000 units. During its slowest month, $16,200 in maintenance costs were incurred, resulting from the production of 30,000 units. Use the high-low method to estimate the maintenance cost that the company will incur if it produces 38,000 units. (Calculation in 2 decimal)

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What was the variable cost per dog associated with Zyla's water bill

Hanks Company estimates its manufacturing overhead to be $450,000 and its direct labor costs to be $300,000 for year 5. Hanks worked three jobs for the year. Job 5-1, which was sold during year 5, had actual direct labor costs of $90,000. Job 5-2, which was completed but not sold at the end of the year, had actual direct labor costs of $140,000. Job 5-3, which is still in work-in-process inventory, had actual direct labor costs of $80,000. The actual manufacturing overhead for year 5 was $470,000. Manufacturing overhead is applied on the basis of direct labor costs. a) How much overhead was applied to each job in year 5? b) What was the over-or underapplied manufacturing overhead for year 5?