Marina Corp. applied overhead to jobs during the period as follows: Jobs finished and sold$46,000 Jobs started and in process 54,000 Jobs finished and unsold 100,000 The application of overhead has resulted in a $5,600 credit balance in the Factory Overhead account. The entry to dispose of this remaining factory overhead balance is:
A. Debit Factory Overhead $5,600; credit Work in Process Inventory $5,600.
B. No entry is needed.
C. Debit Work in Process Inventory $5,600; credit Factory Overhead $5,600.
D. Debit Factory Overhead $5,600; credit Cost of Goods Sold $5,600.
E. Debit Cost of Goods Sold $5,600; credit Factory Overhead $5,600.
Answer: D
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Which of the following accounts could increase as a result of adjusting entries?
a. Prepaid Insurance b. Accounts Receivable c. Unearned Fees d. Office Equipment
Answer the following statement(s) true (T) or false (F)
1. A junk-bond is often a low grade debenture. 2. Serial bonds require that the company set aside a certain sum of money each year to apply to the bond debt. 3. A callable bond gives the company the right to purchase back its bonds early. 4. Noncallable bonds generally carry a slightly higher rate of interest than callable bonds. 5. Convertible bonds may, or may not, be paid off with the stock in the company, depending upon the decision of the individual bondholder.
Standard Corporation has developed standard manufacturing overhead costs based on a capacity of 180,000 direct labor-hours (DLHs) as follows:Standard overhead costs per unit:Variable portion: 2 DLHs × $3 per DLH = $6Fixed portion: 2 DLHs × $5 per DLH = $10The following data pertain to operations in April: Actual output 80,000unitsActual direct labor cost$644,000 Actual direct labor-hours worked 165,000DLHsVariable overhead cost incurred$518,000 Fixed overhead cost incurred$860,000 The fixed manufacturing overhead budget variance for April was:
A. $60,000 Unfavorable B. $60,000 Favorable C. $40,000 Unfavorable D. $40,000 Favorable
If 10-year T-bonds have a yield of 6.2%, 10-year corporate bonds yield 7.9%, the maturity risk premium on all 10-year bonds is 1.3%, and corporate bonds have a 0.4% liquidity premium versus a zero liquidity premium for T-bonds, what is the default risk premium on the corporate bond?
A. 1.46% B. 1.30% C. 1.60% D. 1.51% E. 1.40%