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Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $1,600,000 for the year, and machine usage is estimated at 200,000 hours. In January, $166,000 of overhead costs are incurred and 22,000 machine hours are used. For the remainder of the year, $1,730,000 of additional overhead costs are incurred and 214,000 additional machine hours are worked. Don't show me this message again for the assignment Compute the manufacturing overhead rate for the year. Manufacturing overhead rate per machine hour What is the amount of over- or underapplied overhead at January 31? overhea $ d What is the amount of over- or underapplied overhead at December 31? overhea d $ 1. Raw materials were purchased on account. 2. Issued a check to Dixon Machine Shop for repair work on factory equipment. 3. Direct materials were requisitioned for Job 280. 4. Factory labor was paid as incurred. 5. Recognized direct labor and indirect labor used. 6. The production department requisitioned indirect materials for use in the factory. 7. Overhead was applied to production based on a predetermined overhead rate of $8 per labor hour. 8. Goods that were completed were transferred to finished goods. 9. Goods costing $80,000 were sold for $105,000 on account. 10. Paid for raw materials purchased previously on account. Problem 12-5A Print by: Desiree Holmes AC202DLCS1A2016:AC202DLCS1A2016 Principles of Managerial Account / AC202 Exam #1 (Ch. 12-15) *Problem 12-5A Thornton Company's income statement contained the condensed information below. THORNTON COMPANY Income Statement For the Year Ended December 31, 2014 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets $2,986,630 $1,890,506 169,345 49,264 Income before income taxes Income tax expense 2,109,115 877,515 172,424 $705,091 Net income Thornton's balance sheet contained the comparative data at December 31. 2014 Accounts receivable Accounts payable Income taxes payable $215,530 126,239 40,027 2013 $184,740 98,528 21,553 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) THORNTON COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $ Question Attempts: 0 of 1 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni[1/26/2016 5:12:27 PM] Thornton Company's income statement contained the condensed information below. THORNTON COMPANY Income Statement For the Year Ended December 31, 2014 Service revenue Operating expenses, excluding depreciation $1,890,506 Depreciation expense 169,345 Loss on disposal of plant assets 49,264 Income before income taxes Income tax expense Net income $2,986,630 2,109,115 877,515 172,424 $705,091 Thornton's balance sheet contained the comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2014 $215,530 126,239 40,027 2013 $184,740 98,528 21,553 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) THORNTON COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $