Bundle: College Accounting, Chapters 1-15, Loose-Leaf Version, 22nd + LMS Integrated for CengageNOWv2, 1 term Printed Access Card
Bundle: College Accounting, Chapters 1-15, Loose-Leaf Version, 22nd + LMS Integrated for CengageNOWv2, 1 term Printed Access Card
22nd Edition
ISBN: 9781305930681
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 7A, Problem 3SEB
To determine

Identify the documents, records and procedures that illustrate the payment process in a voucher system.

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At the beginning of the year, manufacturing overhead for the year was estimated to be $315,840. At the end of the year, actual direct labor-hours for the year were 25,800 hours, the actual manufacturing overhead for the year was $308,700, and manufacturing overhead for the year was overapplied by $14,500. If the predetermined overhead rate is based on direct labor-hours, then what must have been the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate?
At the beginning of the year, manufacturing overhead for the year was estimated to be $800,000. At the end of the year, actual labor hours for the year were 40,000 hours, the actual manufacturing overhead for the year was $775,000, and the manufacturing overhead for the year was overapplied by $25,000. If the predetermined overhead rate is based on direct labor hours, then the estimated labor hours at the beginning of the year used in the predetermined overhead rate must have been ___ Hours.
Mason Corporation issued its own $15,000, 120-day, non-interest-bearing note to a bank. The only payment Mason will ever make to the bank will be for $15,000 at the maturity date of the loan, as the bank discounts the note at 8%. The proceeds to Mason are: Ans.
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