Question

In: Accounting

If the Manufacturing Overhead account has a debit balance at the end of a period, it...

If the Manufacturing Overhead account has a debit balance at the end of a period, it means that actual overhead costs were a.greater than overhead costs applied to jobs. b.actual overhead costs were less than overhead costs applied to jobs. c.actual overhead costs were equal to overhead costs applied to jobs.d. no jobs have been completed.

Solutions

Expert Solution

If the Manufacturing Overhead account has a debit balance at the end of a period, it means that :-

actual overhead costs were greater than overhead costs applied to jobs.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

At the end of the current year, the accounts receivable account has a debit balance of...
At the end of the current year, the accounts receivable account has a debit balance of $932,000 and sales for the year total $10,570,000. The allowance account before adjustment has a debit balance of $12,600. Bad debt expense is estimated at 1/2 of 1% of sales. The allowance account before adjustment has a debit balance of $12,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $40,300. The allowance account before adjustment has a credit...
At the end of the current year, the accounts receivable account has a debit balance of...
At the end of the current year, the accounts receivable account has a debit balance of $1,095,000 and sales for the year total $12,420,000. The allowance account before adjustment has a debit balance of $14,800. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $14,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $47,400. The allowance account before adjustment has a credit...
At the end of the current year, the accounts receivable account has a debit balance of...
At the end of the current year, the accounts receivable account has a debit balance of $777,000 and sales for the year total $8,810,000. The allowance account before adjustment has a debit balance of $10,500. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $10,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $33,600. The allowance account before adjustment has a credit...
Actual expenses accumulated in the manufacturing overhead account during the period are $950,000. At the beginning...
Actual expenses accumulated in the manufacturing overhead account during the period are $950,000. At the beginning of the period, the estimated expense was planned at $930,000 and the number of direct labour hours were estimated at 10,000. During the year, the actual amount of direct labour hours worked was 10,500. Required: 1) Is the manufacturing overhead account over or under-applied, and by what amount? 2) Write a simple journal entry to correct it at year-end. 3) If the MOH contained...
The allowance for doubtful accounts has a debit balance of $1,000 at the end of the...
The allowance for doubtful accounts has a debit balance of $1,000 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at $10,000. If accounts receivable are $700,000, the amount of the adjusting entry to record the allowance for doubtful accounts using the aging of receivables method is:
At the end of 2019, Geisel, Inc has a $1,000 debit balance in the Allowance for...
At the end of 2019, Geisel, Inc has a $1,000 debit balance in the Allowance for Doubtful Accounts, before adjusting entries were prepared. Credit sales for 2019 totaled $510,000. Sales returns for 2019 were $10,000. Credit Sales for 2018 were $610,000. Sales returns for 2018 were $10,000. The following aging analysis of Accounts Receivable was prepared at December 31, 2019: Age Classification 12/31/19         $ Amount Estimated % Uncollectible Current/not yet due 110,000 1% 1-30 days past due 15,000 2% 31-60...
The Book Binders Company’s Supplies account balance at the end of the period is $44,000. Supplies...
The Book Binders Company’s Supplies account balance at the end of the period is $44,000. Supplies totaling $37,600 have been purchased during the period and debited to Supplies. A physical count shows $10,000 worth of supplies on hand at the end of the period.
1. When the balance in the Income Summary account is a​ debit, the company​ has: A.incurred...
1. When the balance in the Income Summary account is a​ debit, the company​ has: A.incurred a net income. B.made an error in their closing entries. C.incurred a net loss. D. had more revenue than expenses. 2. The amount for​ withdrawals, to be used on the Statement of​ Owner's Equity, would be obtained​ from: A.the worksheet in the income statement credit column. B.the worksheet in the balance sheet credit column. C.the worksheet in the balance sheet debit column. D.the worksheet...
The Revenue account balance of $42 000 was listed on the trial balance as a debit....
The Revenue account balance of $42 000 was listed on the trial balance as a debit. How much is the balance sheet off by, and is the debits more than the credits?
ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1...
ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 7,200 units, 4/5 completed 12,528 31 Direct materials, 129,600 units 168,480 181,008 31 Direct labor 49,490 230,498 31 Factory overhead 27,838 258,336 31 Goods finished, 131,400 units 249,372 8,964 31 Bal. ? units, 3/5 completed 8,964 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT