The Company allocates overhead using direct labour-hours. For 2014, the estimated and actual labour-hours were 180,000 and 167,000 respectively, and the predetermined overhead rate used to apply overhead for the year was $24.80 per direct labour-hour. The manufacturing overhead control T-account showed a debit balance of $183,550 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold.
A) Was manufacturing OH under or overapplied?
B) Compute the actual OH amount incurred over the year.
C) Prepare the JE to close out the OH account.
D) Shown below is an income statement for the company, prior to posting the journal entry you just created in C). Indicate how the entry from C) would affect the income statement by making a manual correction right on the income statement.
Maurice Company allocates overhead using direct labour – hours For 2016 , the estimated and actuallabour -hours were 180,090and 167 000 respectively , and the predetermined overhead rate used toapply overhead for the year was $24 80 per direct labour – hour . The manufacturing overhead control Taccount showed a debit balance of $183 550 at the end of the year , and this balance was disposed of atthe end of the year by closing it to cost of goods soldRequired :1 . Was manufacturing overhead under – or oroverapplied ?Compute the actual overhead amount incurred over the year .Prepare the journal entry to close out the overhead accounthown below is an incomincome statement for the company , prior to posting the journal entry youjust created in 3 Indicate how the entry from 3 would affect the income statement by making amanual correction right on the income statementMaurice CompanyIncome StatemenFor the Year Ended December 31Sales …………………….51 420 000Cost of goods sold ..1 1 17 150PRESIDENTOFGross margin ….02 850……………Selling and administrative expensesSalaries expense………………………"..services5150, 000Insurance expense ………. .1010."Marketing expense ………..100 0001010..10Depreciation expense12000- 262 , 600Operating income5 40 , 250
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Matthew Gabon The Sales Manager Of Office Furniture Solutions Prepared The Follo 1
/in Uncategorized /by developermatthew gabon, the sales manager of Office Furniture Solutions, prepared the following budget for 201salaries(fixed) $400,000commissions(variable) 150,000advertising(fixed) 75,000charge for office space(fixed) 3,000office supplies & forms (variable) 2,000630,000after he submitted his budget, the president of Office Furniture Solutions reviewed it and recommended that advertising be increased to $100,000. further, she wanted Matthew to assume a sales level of $11,000,000. this level of sales is to be achieved without adding to the sales force.matthew’s sales group occupies approximately 250 square feet of office space out of total administrative office of 20,000 square feet. the $3,000 space charge in matthew’s budget is his share (allocated based on relative square feet) of the company’s total cost of rent, utilities, and janitorial costs for the administrative office building.
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Matthew Gabon The Sales Manager Of Office Furniture Solutions Prepared The Follo
/in Uncategorized /by developerMatthew Gabon, the sales manager of Office Furniture Solutions, prepared the following budget for 2008:Sales DepartmentBudgeted Cost, 2008(Assuming Sales of $12,000,000)$500,000$180,000$100,000$2,000$2,400$784,4000After he submitted his budget, the president of Office Furniture Solutions reviewed it and recommended that advertsing be increased to $120,000. Further, she wanted Matthew to assume a sales level of $13,000,000. This level of sales is to be achieved without adding to the sales force.Matthew sales group occupies approximately 250 square feet of office space out of total administrative office space of 20,000 square feet. The $2,000 space charge in Matthews’s budget is his share(allocated based on relative square feet) of the company’s total cost of rent, utilities, and janitorial cost for the administrative office building.Required pepare a revised budget consistent witht eh president’s recommendation.
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Matthew Inc Owns 30 Percent Of The Outstanding Stack Of Lindman Company And Has
/in Uncategorized /by developerPlease Help me solve this.00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Matthew , Inc . owns 30 percent of the outstanding stack of Lindman Company and has theability to significantly influence the investee’s operations and decision making . On January 1 .2018, the balance in the Investment in Lindman account is $3 35 , 000 . Amortization associatedwith this acquisition is $9, 000 per year . In 2018 , Lindman earns an income of $50 , 000 anddeclares cash dividends of $30, 000 . Previously, in 2017 , Lindman had sold inventory costing$24, 000 to Matthew for $40, 000 . Matthew consumed all but 25 percent of this merchandiseduring 2017 and used the rest during 2018 . Lindman sold additional inventory costing $ 28, 000to Matthew for $50, 000 in 2018 . Matthew did not consume 40 percent of these 2018purchases from Lindman until 2015&. What amount of equity method income would Matthew recognize in 2018 from its ownershipinterest in Lindman ?6 . What is the equity method balance in the Investment in Lindman account at the end of2018 ?
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Mattmaloneyand Mike Evans Foundedgrubhub Anonlinerestaurant Delivery Service In
/in Uncategorized /by developerMatt Maloney and Mike Evans founded GrubHub, an online restaurant delivery service, in Chicago in 2004. Since then, they’ve expanded into 300 cities, and raised $84 million in venture financing. Watch the following video on How 2 Software Engineers Built GrubHub: http://www.inc.com/scotty-cadenhead-and-malachi-leopold/how-software-engineers-matt-maloney-mike-evans-built-grubhub.html
What do you think Maloney and Evans did well as they set up their business? What are the most interesting and inspiring parts of becoming an entrepreneur? What are the most challenging aspects that you would anticipate if you were to start a new business?
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Mattola Company Is Giving Each Of Its Employees A Holiday Bonus Of 100 On Decemb
/in Uncategorized /by developerMattola Company is giving each of its employees a holiday bonus of $100 on December 13 (a nonpayday). The company wants each employee’s check to be $100. The supplemental tax percent is used.
Nobody has capped for OASDI prior to the bonus check.
a. What will be the gross amount of each bonus if each employee pays a state income tax of 2.8% (besides the other payroll taxes)
b.
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Maulder Company Provides The Following Information For The Month Ended October 3
/in Uncategorized /by developerMaulder Company provides the following information for the month ended October 31, 2010: Sales on credit 280,000, cash sales 100,000, sales discount 13,000, sales return and allowances 11,000. Prepare the sales revenues section of the income statement based on this information
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Maura Is A 28 Year Old Female Who Is Visiting A Therapist Because She Is Concern
/in Uncategorized /by developerCase:
Maura is a 28-year-old female who is visiting a therapist because she is concerned about a repeating pattern of behavior that she has been engaging in during the past 10 years. Maura seems to get involved romantically with partners who have very stable careers but appear to be unable to make a romantic commitment to her. Maura will often date these partners for years. When she asks for a greater commitment, much drama and hurt feelings ensue. She reports that she does not remember much of what happens right after the relationship ends, and shortly after a break up, she finds herself dating someone new. The pattern repeats itself and all of the bad memories from the previous breakups come flooding back.
After reading the case, address the following issues:
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Maureen Droge Began Working For United Air Lines As A Flight Attendant In 1990 I
/in Uncategorized /by developerMaureen Droge began working for United Air Lines, as a flight attendant in 1990. In 1995,she became pregnant.UAL does not allow its flight attendants to fly during their third trimester of pregnancy, Droge was placed on involuntary leave. She applied for temporary disability benefits through the French social security system, but her request was denied because UAL does not contribute to the French system on behalf of its U.S.-based flight attendants. Droge filed a charge of discrimination with the U.S. Equal Employment Opportunity Commission, alleging that UAL had discriminated against her. The EEOC issued a subpoena, asking UAL to detail all benefits received by all UAL employees living outside the United States. UAL refused to provide the information, on the grounds that it was irrelevant and compliance would be unduly burdensome. The EEOC filed a suit in a federal district court against UAL. Should the court enforce the subpoena? Why or why not?
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Maureen Is A Psychology Major Who Is Conducting A Study On Memory The Participan
/in Uncategorized /by developer3. Maureen is a psychology major who is conducting a study on memory. The participants in her experiment study a long list of words and then recall the list by verbalizing the words to Maureen. Maureen knows which words are correct, and whenever a participant states an incorrect word, Maureen inadvertently shifts her eyes and makes a note on her notepad. As a result, the participants change their recall behavior and tend to recall fewer words thereafter. This scenario illustrates a(n) ________.Placebo effectExperimenter effectCorrelation coefficientDouble-blind study
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Maurice Company Allocates Overhead Using Direct Labour Hours For 2016 The Esti
/in Uncategorized /by developerThe Company allocates overhead using direct labour-hours. For 2014, the estimated and actual labour-hours were 180,000 and 167,000 respectively, and the predetermined overhead rate used to apply overhead for the year was $24.80 per direct labour-hour. The manufacturing overhead control T-account showed a debit balance of $183,550 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold.
A) Was manufacturing OH under or overapplied?
B) Compute the actual OH amount incurred over the year.
C) Prepare the JE to close out the OH account.
D) Shown below is an income statement for the company, prior to posting the journal entry you just created in C). Indicate how the entry from C) would affect the income statement by making a manual correction right on the income statement.
Maurice Company allocates overhead using direct labour – hours For 2016 , the estimated and actuallabour -hours were 180,090and 167 000 respectively , and the predetermined overhead rate used toapply overhead for the year was $24 80 per direct labour – hour . The manufacturing overhead control Taccount showed a debit balance of $183 550 at the end of the year , and this balance was disposed of atthe end of the year by closing it to cost of goods soldRequired :1 . Was manufacturing overhead under – or oroverapplied ?Compute the actual overhead amount incurred over the year .Prepare the journal entry to close out the overhead accounthown below is an incomincome statement for the company , prior to posting the journal entry youjust created in 3 Indicate how the entry from 3 would affect the income statement by making amanual correction right on the income statementMaurice CompanyIncome StatemenFor the Year Ended December 31Sales …………………….51 420 000Cost of goods sold ..1 1 17 150PRESIDENTOFGross margin ….02 850……………Selling and administrative expensesSalaries expense………………………"..services5150, 000Insurance expense ………. .1010."Marketing expense ………..100 0001010..10Depreciation expense12000- 262 , 600Operating income5 40 , 250
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