Use the information in the adjusted trial balance presented below to calculate the current ratio for Wicked Wicker Company: Account TitleDr. Cr.Cash$80,000? Accounts receivable 35,000? Prepaid insurance 14,200? Equipment 290,000? Accumulated depreciation-Equipment $145,000? Land 114,000? Accounts payable 36,000? Interest payable 7150? Unearned revenue 10,700? Long-term notes payable 87,000? Retained earnings 247,350? Totals$533,200? $533,200?
A. 2.30.
B. 2.12.
C. 0.42.
D. 2.40.
E. 2.14.
Answer: D
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Which of the following statements is CORRECT?
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Fill in the blank(s) with the appropriate word(s).
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Lister Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year $624,000 Estimated direct labor-hours at the beginning of the year 39,000direct labor-hoursResults of operations: Actual direct labor-hours 36,000direct labor-hoursManufacturing Overhead: Indirect labor cost$131,000 Other manufacturing overhead costs incurred$543,000 The total amount of manufacturing overhead applied to production is:
A. $1,547,000 B. $624,000 C. $576,000 D. $674,000