Southern rim parts estimates its manufacturing overhead to be $368,000 and its direct labor costs to be $920,000 for year 1. the first three jobs that southern rim worked on had actual direct labor costs of $51,000 for job 301, $76,000 for job 302, and $105,000 for job 303. for the year, actual manufacturing overhead was $469,000 and total direct labor cost was $848,000. manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. required: a. how much overhead was assigned to each of the three jobs, 301, 302, and 303? b. what was the over- or underapplied manufacturing overhead for year 1?

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false