Chapter 8, Problem 4PSA

Subject:-- financial accounting

Blossom Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $293,250 for the year, and machine usage is estimated at 127,500 hours. For the year, $328,440 of overhead costs are incurred, and 132,600 hours are used. Manufacturing overhead rate $ Manufacturing Overhead $ -23,460 2.3 per machine hour Underapplied Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

1.  Country Income Tax Acts Section # List of Items in emoluments Trinidad and Tobago     Barbados     Guyana     St. Vincent and the Grenadines     Antigua and Barbuda     St. Lucia     St. Kitts and Nevis     Bermuda     Anguilla     Jamaica     Aruba     Martinique     For the countries listed in the table above, search the respective Income Tax Acts and identify the sections that deal with emoluments. List the items that should be included in the emoluments as determined by the respective Acts.   2. Peter Small is an Accountant at Jumbo Products Ltd. (Jumbo). He receives an annual salary of $1,080,000. Although Peter does not require a cellular phone to effectively perform his duties, his employer provides him with one and agrees to pay a maximum bill of $30,000 per year. For the year, Peter’s cellular phone bill totals $38,100. He receives $4,500 per month for entertainment.…