Requirements 1. Compute Alton's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By how much?

Weld Corporation is constructing a plant for its own use. Weld capitalizes interest on an annual basis. The following expenditures are made during the current year: January 1, $102,000; July 1, $986,000; September 1, $2,720,000; and December 31, $7,174,000. The following debts were outstanding throughout the current year. Debt Construction note, 12% Short-term note payable, 15% Amount $340,000 1,360,000 Accounts payable (noninterest-bearing) 1,360,000 Note: Round all of your answers to the nearest whole number or whole percentage point. a. Compute the amount of interest to be capitalized during the year. Calculation of Actual Interest Debt Debt Amount Interest rate Interest Amount Specific Debt Construction loan $ 340,000 12 % $ 40,800 General Debt Note payable $ 1,360,000 15% Total Actual Interest $ 204,000✔ 244,800 Calculation of Weighted Average Accumulated Expenditures Weighted Avg. Date January 1 July 1 $ Expenditures 102,000 ✔ 986,000 ✔ Months outstanding Accum. Expenditures 12 $…

Accrued Expenses: Entity D acquired a piece of land on April 1, 20x1. The purchase price was reduced by a credit for the real property taxes accrued during the year. Entity D records real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate On May 1, 20x1 Entity D paid the first of two equal installments of P72,000 for real property taxes. Requirement: What is the entry to record the payment on May 1?

3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 SSS Philhealth 6,000 Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth P25,000 7,000 9,000 Pag-ibig/HDMF The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)

Current Attempt in Progress Swifty Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $55,000, GST $2,750, and PST $3,850. 2. 3. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4,240 for CPP, $1,264 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. 4. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,240 and $1,770, respectively. 5. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. 6. On December 31, Swifty's legal counsel believes that the company will have to pay damages of $62,000 next year to a local…

The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:   Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $130,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Paid $62,000 cash for other operating expenses during the year. Paid the sales tax due on $110,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1.   The following transactions apply to Walnut Enterprises for Year 2:   Paid the balance of the sales tax due for Year 1. Received $201,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $102,500 of other…

11. The Dot Corporation has changed its year-end from a calendar year-end to August 31. The income for its short period from January 1 to August 31 is $54,000. The tax for this short period is: a.$2,040 b.$8,667 c.$11,340 d.$6,250

Deferred tax accounting adjustments are recorded at what point in time? a. At the end of each month b. At balance date c. As each transaction arises or is incurred d. As the cash flows from each transaction occur

Subject: accounting