Answer:
Accounts
Wages Expense
Wages Payable
$100,000
$100,000
Explanation:
As the expense is accrued but not paid at the end of 2013. The transaction requires an adjusting entry. This will charge a wages expense and create the wages payable liability. Ultimately on January 3 it will be paid. Wages for the two weeks are $100,000 and the 14 days has been passed for the pay period until year end of 2013.
Answer:
C. Statement of equity
Explanation:
A statement of equity reports changes in the owner's equity structure or composition. Equity is the owners' claim in the business. It is composed of the capital contributed by owners, borrowed funds, and retained earnings.
The statement or equity, also known as the statement of retained earnings, is prepared at the end of every financial year together with the other financial statements. It shows the changes that have occurred to the equity account in the financial period under review. The Equity statements report how profits, dividends, withdrawals, the inflow of equity have affected equity.
Answer:
A. 27,000
B. 77,000
Explanation:
What is Reggie's accounting profit?
REVENUE - EXPENSES AND DEPRECIATION
90000-18000-6000-3000=63000
What is Reggie's economic profit?
REVENUE - EXPENSES AND DEPRECIATION - IMPLICIT COSTS
90000-18000-60000-3000-76000 = -13000
1) accounting profit = TR - explicit cost
= 90,000 - 63,000
= 27,000,
2) economic profit = TR - economic cost
= 90,000-(13,000)
= 77,000
Answer:
the amount of cash paid is $1,568
Explanation:
The computation of the amount of cash paid is shown below:
= (purchased value - returned goods) × (1 - discount rate)
= ($1,800 - $200) × (1 - 0.02)
= $1,600 × 0.98
= $1,568
hence, the amount of cash paid is $1,568
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Answer:
<em>End up losing because it is legally binding the clause that would limit the statute of limitations to 18 months.</em>
Explanation:
Within UCC 2-725, in cases that involve the exchange of goods, a 4-year restriction law applies. The parties can reduce the duration to not less than 1 year (but not extend it).
When a delivery tender is made, an action for violation of warranty accrues (the statute begins to run).
However if the warranty specifically applies to future performance and violation disclosure must postpone that performance, the penalty will occur when the breach is discovered or should have been discovered.