The Total Assets of the Philbin Company on January 1,20

question 111

Multiple Choice

The total assets of the Philbin Company on January 1,20 × 9 were $2.3 million and on December 31,20 × 9 were $2.5 million.Net income for 20 × 9 was $188,000.Dividends for 19 × 9 totalled $75,000,interest expenses totalled $70,000,and the tax rate was 30%.The return on total assets for 20 × 9 was closest to:

• A) 6.8%.
• B) 9.5%.
• C) 9.9%.
• D) 10.8%.

Understand the process and reasons for applying or underapplying manufacturing overhead.

Recognize how direct and indirect costs are recorded and allocated in job-order costing.

Distinguish between direct materials, direct labor, and manufacturing overhead in cost accounting.

Describe the process of closing underapplied or overapplied manufacturing overhead to Cost of Goods Sold.

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Definitions:

Detrimental

Causing harm, damage, or a negative impact on something or someone.

Leadership Style

The approach and tactics a leader adopts in guiding, directing, motivating, and managing groups.

Preparedness

The state of being ready and well-prepared for a particular task or event.

Effectiveness

The degree to which objectives are achieved and desired results are met efficiently.