$7.60 an hour x 40 hours = $304
Hope this helps!
Answer:
Firm's net fixed assets are $2,816.60.
Explanation:
Profit Margin = Net Profit / Sales
9.70% = Net Profit / $5,180
Net profit = $5,180 x 9.70% = $502.46
Return on Capital Employed = Net Profit / capital employed
16.2% = 502.46 / Capital Employed
Capital Employed = 502.46 / 16.2% = $3,101.60
Capital Employed = Total Assets - Current Liabilities
3101.60 = Total Assets - 950
Total assets = 3101.60 + 950 = $4,051.60
Current ratio = Current Assets / Currrent Liabilities
1.30 = Current assets / 950
Currrent Assets = 950 x 1.30 = $1,235
Total assets = Fixed assets + Current Assets
4051.60 = Fixed assets + 1235
Fixed Assets = 4051.60 - 1235 = $2816.60
Answer:
1. Wages of $13,000 are earned by workers but not paid as of December 31.
Account Debit Credit
Wages Expense $13,000
Wages Payable $13,000
2. Depreciation on the company’s equipment for the year is $11,560.
Account Debit Credit
Depreciation Expense $11,560
Accumulated Depreciation $11,560
3. The Office Supplies account had a $490 debit balance at the beginning of the year. During the year, $4,582 of office supplies are purchased. A physical count of supplies at December 31 shows $508 of supplies available.
Account Debit Credit
Supplies Expense $4,582
Cash $4,582
Supplies Expense $4,564
Supplies $4,564
4. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,200 of unexpired insurance benefits remain at December 31.
$1,800 worth of insurance have been spent, out of the initial $5,000 prepaid insurance balance. ($5,000 - $1,800 = $3,200)
Account Debit Credit
Prepaid Insurance $1,800
Insurance Expense $1,800
5. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.
Account Debit Credit
Interest Receivable $950
Interest Revenue $950
6. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.
Account Debit Credit
Interest Expense $3,000
Interest Payable $3,000
Answer:
Answer 1. Warranty expense to be recognized is ($11,000*0.04)=$440
Answer 2. Warranty liability at end of year one is $440
Answer 3. Warranty liability at the end of year two is ($440-$130)=$310
Answer 4.
Cash $11,000
To sales $11,000
(sale of copier recorded)
Warranty expense $440
To Warranty liability $440
(Warranty recorded at the end of year 1)
Warranty liability $130
To inventory $130
(Repairs done to copier)
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