Bibby Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Bibby estimated that the total overhead costs would be $72,000 and that the total labour hours would be 2,400. At the end of the year, Bibby obtained the actual overhead costs from the ledger and found that the shop had incurred $65,800 and had worked 2,350 labour hours.
Predetermined (budgeted) overhead rate.
Overhead Rate $30
overhead amount that was applied for the year.
Overhead amount $4700 over applied
Prepare the journal entry to close the overhead account. Assume that the underapplied and overapplied overhead was not material. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry Required" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit

Answer and Explanation:

The journal entry is shown below:

Overhead $4,700  

   Cost of goods sold $4,700

(Being overapplied overhead is closed)

Here the overhead is debited as it increased the expenses and credited the cost of goods sold as it decreased the expense

indicate whether the following responsibilities are either: A - Management's responsibilities B - Audit Committee responsibilities C - Auditor's responsibilities D - Neither Management's, the Audit Committee or the Auditor's responsibility Responsibilities 9. Role of oversight and monitoring 10. Forming and expressing an opinion about whether the financial statement s are presented fairly, in all material respects, inconformity with GAAP 11. Appoint, approve and review external audit function 12. Fairy presenting the financial statements and footnotes in conformity with GAAP 13. Establishing and maintaining an internal control system.

General Motors (GM) is trying to reinvent the Cadillac brand with new car designs and a new brand story. They commission McCann Erickson to develop an integrated marketing communications (IMC) campaign using several media. A key component of their ads is music by contemporary groups like the Teddy Bears and Melikka. In this scenario, GM is considered the

Benjamin is planning to go to graduate school in a program that will take three years. Benjamin wants to have $10,000 available each year for his school and living expenses. If he earns 6% on his investments, approximately how much must be deposited at the start of his studies for him to withdraw $10,000 a year for three years

Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $496,110. Materials requisitioned, $416,730, of which $54,170 was for general factory use. Factory labor used, $510,990, of which $97,090 was indirect. Other costs incurred on account for factory overhead, $119,070; selling expenses, $183,560; and administrative expenses, $109,140. Prepaid expenses expired for factory overhead were $22,820; for selling expenses, $19,350; and for administrative expenses, $13,890. Depreciation of factory equipment was $22,820; of office equipment, $33,740; and of office building, $66,480. Factory overhead costs applied to jobs, $282,780. Jobs completed, $654,870. Cost of goods sold, $635,020. Required:

Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is $30,000, including a scholarship for $5,000 to cover her tuition. Jane used $12,000 of her savings, and her grandparents provided $13,000. Which of the following statements regarding the dependency rules for Jane is true?

a. If Jane’s parents (rather than her grandparents) provided the $13,000, then they would not be able to claim Jane as a dependent because Jane provided more than half of her own support.
b. Jane’s grandparents can claim her as a dependent because Jane did not provide more than half of her own support.
c. Jane’s grandparents cannot claim her as a dependent because Jane provided more than half of her own support.
d. Jane is no one’s dependent because she provided more than half of her own support.

Which of the following is not an example of a problem explained by agency theory?

A manager fires underperforming employees.

A manager takes few risks to ensure steady dividends.

A manager encounters a conflict of interest between their responsibilities to shareholders and their responsibilities to employees.

A manager protects her own job rather than the shareholder’s wealth.

Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 28,300 $ 46,299 $ 225,522 Cost added during May $ 171,980 $ 30,866 $ 150,348 Equivalent units of production 2,400 2,300 2,200 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)

Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used.
Aug. 1 Purchased merchandise from Norris, Inc., $4,000, terms 2/10, n/30.
5 Paid freight on shipment from Norris, Inc., $220.
7 Sold merchandise to Denton Corporation, $5,500 ($4,100 cost).
7 Paid $300 freight on August 7 shipment and billed Denton for the charges.
9 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
9 Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return.
10 Paid Norris, Inc., the amount due.
14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30.
15 Paid freight on shipment from Chambers, Inc., $320.
17 Received the amount due from Denton Corporation.
18 Sold merchandise to Weber, Inc., $9,600 ($6,600 cost).
20 Paid $350 freight on August 18 shipment and billed Weber for the charges.
24 Paid Chambers, Inc., the amount due.
28 Received the amount due from Weber, Inc.
Required
Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar.

Psychology experiments are typically designed to

A business's revenue exceeds its expenses by $2,000 per month. However, its fixed expenses just increased by $3,500 per month. If this continues and the business has $18,000 in cash, in how many months will it run out of cash?


a) 12
b) 15
c) 20
d) 24

Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? (c) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? (d) If $1,600 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2019?

Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 30,000 bottles of wine were sold every week at a price of $6 per bottle. After the tax, 25,000 bottles of wine are sold every week; consumers pay $8 per bottle, and producers receive $5 per bottle (after paying the tax). The amount of the tax on a bottle of wine is $ per bottle. Of this amount, the burden that falls on consumers is $ per bottle, and the burden that falls on producers is $ per bottle. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. True False

Harold lives on Doritos and seafood salads. The price of Doritos is 1 dollar per bag and the price of seafood salads is 2 dollars each. Harold allows himself to spend no more than 11 dollars a day on food. He also restricts his consumption to 6,500 calories per day. There are 1,500 calories in a bag of Doritos and 500 calories in a seafood salad. If he spends his entire money budget each day and consumes no more calories than his calo-rie limit, he can consume up to
a. 3 bag of Doritos per day but no more.
b. 4 bag of seafood salad per day but no more.
c. 5 bag of Doritos per day but no more.
d. 1 bag of Doritos per day but no more.

Which of the following would focus on atmospherics? A. Distributors B. Providers C. Sales prospects D. Purveyors

Item1 1 points eBookAskReferencesItem 1 TB MC Qu. 06-91 The following information... The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 8,419 Accounts receivable 70,422 Merchandise inventories 60,362 Prepaid expenses 4,100 Accounts payable $ 14,950 Notes payable 86,638 Other current liabilities 9,500 If net sales for the current year were $612,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)

A household consists of a married couple and their two-year-old daughter. The couple's daughter had no income and lived with her parents all of last year. How many exemptions can the couple claim on last year's tax return if they file with the "Married filing jointly" status?​

Zoom Corporation manufactures and sells three different types of binoculars. They are referred to as Good, Better, and Best binoculars. Grinding and polishing time is limited. More time is required to grind and polish the lenses used in the Better and Best binoculars. Additional information is provided below.

Product
Good Better Best
Selling price $76.60 $312.00 $834.00
Variable costs and expenses 52.00 182.00 484.00
Contribution margin $24.60 $130.00 $350.00
Grinding and polishing time required 0.3 hrs 1.3 hrs 5 hrs

Ignoring the time constraint, what strategy would appear to be optimal?

Key computer issues addressed by the Bureau of Consumer Protection (BCP) include all of the following except _____.


how to increase the amount of "cookies"

how to prevent "scammers," "hackers," and identity theft

how to avoid "malware"

how to protect kids online

Who is credited with pioneering the principles of the scientific approach to management

Bryan Inc. produces a specialty top-quality juice machine. The product, the JM50, requires four processes to be completed. Specifically, these processes are exterior construction, pulp filter insertion, painting, and packaging. Each process is performed at separate workstations with different completion rates: Exterior construction can manufacture 100,000 juicer exteriors per day. Pulp filter insertion can install 25,000 filters every 6 hours. Painting can decorate 3,000 juicers every half hour. Packaging can package 5,000 juicers per hour. The plant operates 24/7, 24 hours a day every day of the week. How many JM50 machines can Bryan Inc. manufacture per month (assume an average 30-day month)

Marcus loves a certain candy bar that he thought was only sold in Spain. The other day, he saw that the candy bar is now available in his local

grocery store. What process helped bring the Spanish candy bar to America?


recession


foreclosure


global trade


monopolizing

1. What is the purpose of a bank statement?

"If our company achieves a high level of relational coordination, what can we expect in terms of employee behavior?" Check all that apply. Employees will be empowered to collaborate directly with each other across organizational boundaries. Employees in different departments or divisions will share information easily. Project managers, cross-functional teams, and task forces will play a vital role in sharing information between departments or divisions. Information will flow across a network of informal relationships rather than primarily through a formal chain of command.

Match each term with the best definition given blow. Note: Not all definitions will be used.

a. A detailed record of costs incurred to complete a specific job.
b. A source document that shows how a worker spent time each week.
c. An accounting system used by companies to make standardized or homogeneous products or services.
d. An accounting system used by companies that offer customized or unique products or services.
c. Major inputs that can be directly and easily traced to a product, job or service.
d. Hands-on work that goes into producing a product, job or service.
e. Costs not easily traceable to producing a product, job or service.
f. The amount of actual overhead is greater than the applied overhead.
g. A form that lists the quantity of direct materials to be used in a job.
h. Indirect costs that are allocated to each job.
i. Estimated manufacturing overhead divided by estimated cost driver.
j. A measure that causes or influences the incurrence of a cost.
k. Total cost divided by units produced.
l. The amount of actual overhead is less than the applied overhead.
m. Actual direct materials plus actual direct labor plus applied manufacturing overhead

1. Allocation Base
2. Direct Labor Time
3. Ticket Indirect Costs
4. Job Coat Shoot
5. Job Order Costing
6. Materials Requisition Form
7. Overapplied Overhead
8. Underapplied Overhead
9. Prodelarmined Overhead
10. Rate Process Casting

A firm has $3,600,000 in its common stock account and $36,000,000 in its paid in capital accountThe firm issued 450,000 shares of common stock. What was the issue price (market value) if only one stock issuance has occurred?

if you have identified a risk, you have?
(a) figured it out how to eliminate it.
(b) recognized that it exists.
(c) publically announced it is a problem.
(d) decided not to reveal it

During March, the production department of a process operations system completed and transferred to finished goods 21,000 units that were in process at the beginning of March and 210,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 65% complete with respect to conversion. At the end of March, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 40% complete with respect to conversion. Compute the number of physical units transferred to finished goods.

2) Consider the taxi market, a constant cost competitive industry. To operate a taxi an entrepreneur needs a license. Show graphically the impact of this regulation on the market supply and the efficiency of this market (as measured by the deadweight loss). A taxi medallion used to sell for up to 1.3 million dollars in NYC. After the entry of UBER the cost dropped these days to approximately 200,000. Discuss the impact of this change on the performance of this market.

Consider the following three-step worker-paced line: Each step employs a single worker. The setup time is fixed per order (batch), e.g. for Step 1, it takes 30 minutes to setup the machine to process 1 order (regardless of how many units are in the order). The run time represents the amount of time it takes the worker to process a single unit. When a worker completes an order, he or she hands it off to the next stage. If only 10-unit orders are produced, the process capacity is:

What drives the beef industry to feed so much grain feeding? Explain