A business excludes money paid as salaries or wages to employees from operating surplus.
Answer:
Interest Expense 696 Interest Payable 696
Explanation:
Based on the information given the appropiate adjusting journal entry to be made on December 31, 2022 for the interest expense accrued to that date, If we assumed that no journal entries have been made previously to accrue interest is:
December 31, 2022
Dr Interest Expense $696
Cr Interest Payable $696
($34800*8%*3/12)
(To record interest expense accrued)
Answer: Jose has to pay $600.
Explanation:
Jose has to pay $600 to Jane for her inconvenience.
In Accordance with Coase theorem, when two conflicting parties exist, one has to ‘buy the right’ from the other party.
Which In this scenario or case, Jane has the ‘right to prevent Jose from having a dog’.
Thus, Jose has to pay compensation to Jane so that he can keep his dog and at the same time Jane is also compensated for the inconvenience which may arise later.
Answer: $678,220
Explanation:
Given that,
Purchase Discounts = $ 11,000
Freight-in = $15,300
Purchases = $689,020
Beginning Inventory = $55,000
Ending Inventory = $45,600
Purchase Returns and Allowances = $15,100
Cost of goods purchased:
= Purchases + Freight in - Purchase discounts - Purchase returns and allowances
= $689,020 + $15,300 - $ 11,000 - $15,100
= $678,220
