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Sybil, Inc
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Sybil, Inc. uses a predetermined overhead allocation rate to allocate manufacturing overhead costs to jobs. The company recently completed Job 300X. This job used 13 machine hours and 4 direct labor hours. The predetermined overhead allocation rate is calculated to be 543 per machine hour. What is the amount of manufacturing overhead allocated to Job 300X using machine hours as the allocation base? O A $172 OB 5559 OC. 5731 OD. 5387
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The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross a. amount less all payroll deductions. amount of all paychecks issued. Ob. oc pay less taxes payable. Od pay less voluntary deductions,
Question 3 The relationship between current liabilities and current assets is useful in determining income. a. Ob. useful in evaluating a company's liquidity. called the matching principle. ??. useful in determining the amount of a company's long-term debt. O d. A Moving to the next question prevents changes to this answer.
Expert Solution
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Manufacturing overhead allocated=(13 machine hours*$43 per machine hour)
Which is equal to
=$559
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SOLUTION:-
(2) At the time of entry for salaries and wages payable all deductions must be deducted from the gross salary , so the option no (a) with amount less all payroll deductions is the correct one .
(3) The relationship between current liabilities and current assets are useful in evaluating a companies liquidity.
we know that current ratio = current assets / current liabilities
current ratio determines about liquidity position of the company by analyzing how much multiple of current assets are available to pay off the current liabilities .
for determination of income one must go with the profit and loss statement .
in matching principle we usually show the expenses in those years when revenue is booked .
if we want to determine the long term debt than we have to go through non current liablities
So , option no (b) with useful in evaluating a company's liquidity is the correct answer
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