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Author Question: On January 1, the Newman Company estimated its property tax to be 5,100 for the year. (a) How much ... (Read 71 times)

Bernana

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on: Jul 5, 2018
On January 1, the Newman Company estimated its property tax to be 5,100 for the year. (a) How much should the company accrue each month for property taxes? (b) Calculate the balance in Property Tax Payable as of August 31. (c) Prepare the adjusting journal entry for the month of September.

Question 2

Assume a traditional costing system applies the 40,000 of overhead costs based on direct labor hours. What is the total amount of overhead cost assigned to the deluxe model?
 
  A) 16,000
  B) 24,000
  C) 25,000
  D) 15,000


mrphibs

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Reply #1 on: Jul 5, 2018
Answer to Question 1

(a) 425 (5,100/12)
(b) 3,400 (425  8)
(c) Property Tax Expense
Property Tax Payable 425
425
Record property tax accrual for the month of September.

Answer to Question 2

Answer: A


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