A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts,

February 17, 2020/in Feeds /by Munene david

A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated

to be worth $30,000. The stock has a $1 per share stated value.

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Upon completion of the closing entries, you reviewed the general ledger and noticed that balances

February 17, 2020/in Feeds /by Munene david

Upon completion of the closing entries, you reviewed the general ledger and noticed that balances remained in all

asset, liability, and equity accounts. In addition, there were still balances in the revenue accounts, but not expenses or dividends. Should this be the case after the closing entries have been recorded and posted to the general ledger? Please include the reasons why in your answer

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Wolf Co. estimates that its employees will work 600,000 direct labor hours during the coming year

February 17, 2020/in Feeds /by Munene david

Wolf Co. estimates

that its employees will work 600,000 direct labor hours during the

coming year. Total overhead costs are estimated to be $9,600,000 and direct labor costs are estimated to be $12,500,000. Direct Labor hours are actually 450,000.

If Wolf Co. allocates overhead based on direct labor HOURS, what is the predetermined overhead rate?

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The Mixing Department is the third department in the MZS Inc. factory.

February 17, 2020/in Feeds /by Munene david

The Mixing Department is the third department in the MZS Inc. factory. During January, there were 4,000 units of

beginning inventory in the Mixing Department, and 90,000 units were transferred in from the prior process. There were 8,000 units in ending inventory. The transferred-in cost in the beginning inventory was $170,000 and there was $600,000 in transferred-in cost during the month.