The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,340 Accounts Receivable 3,100 Prepaid Insurance 3,400 Notes Receivable (long-term) 4,100 Equipment 17,500 Accumulated Depreciation $ 4,800 Accounts Payable 6,520 Salaries and Wages Payable 1,550 Income Taxes Payable 4,000 Deferred Revenue 820 Common Stock 3,500 Retained Earnings 1,440 Dividends 410 Sales Revenue 51,930 Rent Revenue 410 Salaries and Wages Expense 23,800 Depreciation Expense 2,400 Utilities Expense 5,320 Insurance Expense 2,500 Rent Expense 7,100 Income Tax Expense 4,000 Total $ 74,970 $ 74,970 Required: Prepare an income statement for the year ended December 31. How much net income did the Sky Blue Corporation generate during the year

White company has two departments, cutting and finishing. the company uses a job-order costing system and computes a predetermined overhead rate in each department. the cutting department bases its rate on machine-hours, and the finishing department bases its rate on direct labor-hours. at the beginning of the year, the company made the following estimates: department cutting finishing direct labor-hours 6,000 30,000 machine-hours 48,000 5,000 total fixed manufacturing overhead cost $ 264,000 $ 366,000 variable manufacturing overhead per machine-hour $ 2.00 " variable manufacturing overhead per direct labor-hour " $ 4.00 required: 1. compute the predetermined overhead rate for each department. 2. the job cost sheet for job 203, which was started and completed during the year, showed the following: department cutting finishing direct labor-hours 6 20 machine-hours 80 4 direct materials $ 500 $ 310 direct labor cost $ 108 $ 360 using the predetermined overhead rates that you computed in requirement (1), compute the total manufacturing cost assigned to job 203. 3. would you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide predetermined overhead rate based on direct labor-hours, rather than using departmental rates?

For 2018, rahal's auto parts estimates bad debt expense at 1% of credit sales. the company reported accounts receivable and an allowance for uncollectible accounts of $86,500 and $2,100, respectively, at december 31, 2017. during 2018, rahal's credit sales and collections were $404,000 and $408,000, respectively, and $2,340 in accounts receivable were written off.rahal's accounts receivable at december 31, 2018, are:

James is an employee in the widget inspection department of xyz systems, a government contractor. james was part of a 3-person inspection team that found a particular batch of widgets did not meet the exacting requirements of the u.s. government. in order to meet the tight deadline and avoid penalties under the contract, james' boss demanded that the batch of widgets be sent in fulfillment of the government contract. when james found out, he went to the vice president of the company and reported the situation. james was demoted by his boss, and no longer works on government projects. james has a: