Hykes Corporation's manufacturing overhead includes $6.00 per machine-hour for supplies; $6.00 per machine-hour for indirect labor; $71,800 per period for salaries; and $75,310 per period for depreciation.Required:Determine the predetermined overhead rate if the denominator level of activity is 4700 machine-hours. (Round your answer to 2 decimal places.)Predetermined overhead rate?
What will be an ideal response?
| Predetermined overhead rate | $43.30? |
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Which of the following describes the risk assessment component of internal control?
A) Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate. B) Risk assessment is the "tone at the top" of the business. C) A company must identify its risks and take necessary steps to minimize them. D) Risk assessment is designed to ensure that the business's goals are achieved.
Which of the following statements is true?
a. The problems of the FASB stem from its limited use of due process. b. The FASB has not been as successful as its predecessors were. c. Many studies have found that large accounting firms tend to dominate policy at the FASB. d. With the implementation of the FASB, the capture theory argument lost much of its validity.
If P(
A) = 0.3, P(B) = 0.2, P(A and B) = 0.0, what can be said about events A and B? A) They are independent. B) They are mutually exclusive. C) They are posterior probabilities. D) None of the above E) All of the above
Region Construction Company has a right to drive its trucks across Staple Business, Inc.'s property, which is adjacent to Region's office. This right is
A. a leasehold estate. B. a license. C. an easement. D. a profit.