Adams Company reports the following balance sheet accounts as of December 31. Salaries payable $ 7,700 D. Adams, Capital $ 94,000
Buildings 82,200 Notes payable (due in 9 years) 64,000
Prepaid rent 8,700 Office supplies 5,400
Merchandise inventory 17,400 Land 56,000
Accounts payable 27,000 Accumulated depreciationâBuilding 8,400
Prepaid insurance 6,400 Mortgages payable (due in 5 years) 46,000
Accounts receivable 21,000 Cash 50,000
Required:
Prepare a classified balance sheet.

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)