Table 12-31 -Refer to Table 12-31

question 228

Essay

Table 12-31
$\begin{array}{|l|c|} \hline & \text { Billions of Dollars } \\\hline \text { National income } & \$ 11,200 \\\hline \text { Retained earnings } & 560 \\\hline \text { Depreciation } & 700 \\\hline \text { Interest on government bonds } & 300 \\\hline \text { Transfer payments } & 2,200 \\\hline \text { Personal taxes } & 1,400\\\hline\end{array}$
-Refer to Table 12-31.The table above represents hypothetical data from the National Income Accounts for 2017.Use the data to calculate personal income and disposable income.

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Definitions:

Overhead Applied

The portion of estimated overhead costs allocated to individual products or job orders based on a predetermined rate or method.

Departments

Organizational units within a company, each specializing in a particular area of operation.

Departmental Predetermined Overhead Rates

Overhead rates set for specific departments based on estimated costs and activities, used to allocate overhead costs more accurately to products.

Machine-Hours

refers to the total time that production equipment is operated during a specific period, used as a basis for allocating manufacturing overhead.