what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109).

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what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary differences  between

tax and book income are reported. Discuss with suitable examples.

 
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Can someone double check this for me before I submit it to my professor.

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Can someone double check this for me before I submit it to my professor.

ACCT346 Week 2 Homework AssignmentQues±on 1.The Johnson Company applies a predetermined manufacturing overhead rate basedondirect labor hoursto allocate (or charge) manufacturing overhead costs to the many diFerentproduc±on jobs it performs. ²or the most recent ³scal year, the company originallyestmaTedthat it would incur $750,000 in total manufacturing overhead during the year and that a total of250,000 direct labor hours would be worked. A´er the year was over, the company subsequentlydetermined it hadacTuallyincurred manufacturing overhead costs of $800,000 and 200,000direct labor hours had been worked during the year.Part A.What was the predetermined manufacturing overhead rate that the companyoriginally calculated and applied to each individual produc±on job throughout the year?Remember that the company implements this rate based upondirecT labor hours, so youranswer will be expressed in dollars per direct labor hour. Please show your calcula±on.750,000/250,000 =$3.00Part B.What was the total amount of manufacturing overhead that was applied(allocated) to all of the produc±on jobs that were worked throughout the year? Hint: you’ll needto use the answer from Part A above along with some of the other given data to help youcalculate this.3*800,000 = 2,400,000Part C.At the end of the year, the company was able to calculate, a´er the fact, howmuch it had either under-allocated (under-applied) or over-allocated (over-applied) for itsmanufacturing overhead for the year. How much was this amount? Also, be sure to addi±onallyspecify whether this dollar amount wasunder-allocated orover-allocated. Hint: you’ll need touse the answer from Part B along with some of the other given data to help you calculate this.800,000-250,000 = 550,000over-allocatedQues±on 2.The following account balances and amounts for the month of January wereobtained from the general ledger of the Smith Company.
 
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6. maria’s food service provides meals that nonprofit organizations distribute to handicapped and elderly people

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6. maria’s food service provides meals that nonprofit organizations distribute to handicapped and

elderly people. Here is her forecasted income statement for April, when she expects to produce and sell 3,000 meals:

Sales revenue $18,000 $6.00 per unit

Costs of meals produced $13,500 4.50 per unit

Gross profit $4500$1.50 per unit

Administrative costs $ 2,100 0.07

Operating profit $2,400 $0.80

Fixed costs included in this income statement are 4,500 for meal production and $600 for administrative costs. Maria has received a special request from an organization sponsoring a picnic to raise funds for the Special Olympics. This organization is willing to pay $3.50 per meal for 300 meals on April 10. Maria has sufficient idle capacity to fill this special order. These meals will incur all of the variable costs of meals produced, but variable administrative costs and total fixed costs will not be affected.

a.What impact would accepting this special order have on operating profit?

b.Should Maria accept the order?

 
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why is it important from an accounting perspective to classify a lease into operating or capital lease?

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why is it important from an accounting perspective to classify a lease into operating or capital lease? What is

the criteria to classify the lease into operating and capital lease ?  Do you think the lessee tends to prefer an operating lease or a capital lease? Why?

 
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