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Mazyrski [523]
3 years ago
7

Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the

following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $120 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July
Business
1 answer:
mixer [17]3 years ago
6 0

Answer:

The adjusting entry on 31st July will be;

Salaries Expense (Dr.) $480

Salaries Payable  (Cr.) $480

Explanation:

Molly Mocha hires one student who works for 5 days and is paid on Monday. The student who has started working on 28th July Monday then he has worked till 1st August Friday. The adjusting entry need to be made on Thursday 31st July. The student is paid $120 per day so for 4 days of working it will be $120 * 4 days till 31st July. Since Molly Mocha pays salaries on following Monday it should record salaries expense as debit and salaries payable as credit in its accounts.

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3 years ago
Item 12 A production department's output for the most recent month consisted of 10,500 units completed and transferred to the ne
Ludmilka [50]

Answer:

Total equivalent units= 16,800

Explanation:

Giving the following information:

Beginning inventory= 1,100 units 80% complete

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Beginning inventory= 0

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Ending inventory WIP= units*completion

<u>In this exercise:</u>

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7 0
3 years ago
If during 2011. the country of Sildavia recorded a GDP of $65 billion. interest paymentsof $15 billiorn imports of $13 billion.
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Answer:

B. $36 billion

Explanation:

Since we were asked to calculate Wages. We can't use the Expenditure method of GDP. Method to be used would be the Income approach. In doing so, the values of export and import would be excluded. Therefore,

Given that

GDP = 65 billion

Profits = 7 billion

Rent = 7 billion

Interest payments = 15 billion

Recall that,

GDP = sum of income earned (profits, wages, rents, interests)

Thus,

Wages = GDP - Profits + rents + interests

= 65 - (15 + 7 + 7)

= 65 - 29

= 36 billion

Hence, wages during 2011 was $36 BILLION.

Note: Parameters used are based on the information in the question. It is important to note that income earned when using income approach could be more than the 4 stated parameters of wages, rent, profits and interests.

6 0
3 years ago
You operate a food truck serving lunch to corporate customers in midtown. You suspect that one predictor of customer demand is t
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Answer:

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By carrying out a regression analysis, it can be determined if there is a significant relationship between unemployment and demand

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2 years ago
Jeff, a 52% owner of an S corporation, has a stock basis of zero at the beginning of the year. Jeff's basis in a $10,000 loan ma
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Answer:

See below

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In order to restore any reduction in loan basis, only the net increase is applied in line with section 1367(b)(Adjustment to basis of stocks of shareholders).

What this means is that there is no net increase regarding the information given above I.e ($11,000 - $15,000).

We can safely conclude that there is $11,000 tax free income since the stock basis has been increased by $11,000. There is also a $4,000 capital gain.

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