Answer:
$44,600
Explanation:
The computation of the balance of the cash account after the transactions are posted is shown below:
Invested cash in shop $41,300
Less: Paid cash for receptionist salary -$2,500
Add: Receive cash from sale of frame $5,800
Balance of the cash account $44,600
We simply added the cash received and deduct the cash paid to the invested amount of cash in a shop so that the correct value could arrive
Debit Salaries Expense $960 and credit Salaries Payable $960.
<h3>
What is salary expense?</h3>
- Salaries expense is the fixed pay earned by employees.
- The expense represents the cost of non-hourly labor for a business.
- It is frequently subdivided into a salaries expense account for individual departments, such as: Salaries expense - accounting department. Salaries expense - engineering department.
Salary expense per employee = $240 per day
Number of employees = 2
Salary expense for 2 days = Salary expense per employee * Number of employees * 2 = $240 * 2 * 2 = $960
Now, calculate salary -
Date Account title Debit Credit
Salaries expense $960
Salaries payable $960
(To record salaries expense for 2 days)
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Answer:
Cost of goods manufactured:
Beginning WIP 20,000
cost added 920,000
total cost 940,000
ending WIP (40,000)
COGM 900,000
Explanation:
First, we calcualte the direct materials used into production:
Beginning Raw Materials 20,000
Purchases 400,000
Ending Raw materials 30,000
used Indirect materials (15,000)
Used into production 375,000
Second, the cost added which si the sum of the three main cost components
Cost added during the period:
materials 375,000
direct labor 60,000
Applied Overhead <u> 485,000 </u>
Total added: 920,000
Then we can determinate the COGM
ecause the overapplication of overhead is done directly throught cost of goods<em><u> sold</u></em> we disregard this informaiton
Answer:
E. true because economic costs include opportunity costs such as the value of the business owner's time.
Explanation:
Accounting cost is zero because there is no cost recorded for the salary of the owner.
Economic cost is positive because when the owner devote himself to managing the business, he cannot do something else that can bring him money, for example ex. be employed in someone else's business (opportunity cost)
Answer:
Marko willing to pay today $23246.51
Explanation:
given data
cash flows year 1 F1 = $4,700
cash flows year 2 F2 = $9,700
cash flows year 3 F3 = $15,900
rate of return r = 12 percent = 0.12
solution
we get here present value that is express as
present value = ..........................1
put here value we will get
present value =
present value = $23246.51
so Marko willing to pay today $23246.51