Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under- or over allocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2017, Creative recorded the following:

Budgeted manufacturing overhead costs $4,140,000
Budgeted direct labor-hours 180,000
Actual manufacturing overhead costs $4,337,000
Actual direct labor-hours 189,000

a. Compute the budgeted manufacturing overhead rate.
b. Prepare the summary journal entry to record the allocation of manufacturing overhead.
c. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Creative Woodworking write it off to cost of
goods sold? Prepare the journal entry to dispose of the under- or overallocated overhead.

Which of the following best describes how the federal reserve bank banks during a bank run? a. the federal reserve bank has the power to take over a private bank if customers demand too many withdrawals. b. the federal reserve bank can provide a short-term loan to banks to prevent them from running out of money. c. the federal reserve bank regulates exchanges to prevent the demand for withdrawals from rising above the required reserve ratio. d. the federal reserve bank acts as an insurance company that pays customers if their bank fails. 2b2t

9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation

After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?