Which of the following is a source of tax-free income?
A) Welfare benefits
B) Earnings on your IRA
C) Federal income tax refunds
D) Child support payments
E) All of the above
Answer: E
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A predetermined factory overhead rate is computed by dividing
a. Actual overhead cost by actual production. b. Actual overhead cost by budgeted production. c. Budgeted overhead by actual production. d. Budgeted overhead by budgeted production.
Richard Inc expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15 per pound and 3 direct labor hours at $12 per direct labor hour. The overhead rate is $9 per direct labor hour. The beginning inventories are as follows: direct materials, 2,500 pounds; finished goods, 3,100 units. The planned ending inventories are as follows: direct materials, 4,000 pounds; finished
goods, 3,200 units. What is the planned production of Richard? A) 21,700 B) 28,100 C) 27,900 D) 34,300
Task lighting helps conserve energy
Indicate whether the statement is true or false.
Manhattan Company recorded an adjusting entry to accrue interest owed of $1300 as of December 31, Year 1. When the related note was paid during Year 2, the company paid $2450 in interest. Which of the following journal entries correctly records this Year 2 transaction? (Assume that the entry to record the payment of the note itself was recorded in a separate journal entry.)
A.
| Interest expense | 2450? | |
| Cash | 1300? | |
| Interest payable | 1150? |
B.
| Interest expense | 1150? | |
| Interest payable | 1300? | |
| Cash | 2450? |
C.
| Interest expense | 2450? | |
| Cash | 2450? |
D.
| Interest expense | 1150? | |
| Cash | 1150? |