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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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ch4aika [34]

Answer:

False

Explanation:

Contribution margin per unit = Sales -  variable cost

Contribution margin per unit (Model A) = $432 - $404

Contribution margin per unit (Model A) = $28 per unit

Contribution margin per unit (Model B) = $410 - $304

Contribution margin per unit (Model B) = $106 per unit

False, Contribution margin per unit (Model B) is higher so,  motivated to push sales of Model A will be false.

Break-even in units = Fixed cost / Contribution margin per unit

Break-even in units (Model A) =  Fixed cost / $28

Break-even in units (Model B) =  Fixed cost / $106

6 0
3 years ago
Four years ago, Lisa Stills bought six-year, 13.68 percent coupon bonds issued by the Fairways Corp. for $947.68. If she sells t
LekaFEV [45]

Answer:

10.60%

Explanation:

First, we calcualte the returns and then solve for the rate like a normal compounding:

<u>returns:</u>

annual coupon payment. 1,000 face value x $ 13.68 = $ 136.80

sales price: 913.73

<u>total:</u> 136.8 x 6  + 913.73 = 820.80 + 913.73 =

<em />

<u>cost:    </u>  947.68

to  record the effective rate of return:

947.64 (1+ r_e)^6 = 1,734.5\\

\sqrt[6]{\frac{1,734.5}{947.68}} -1 = r_e

<u>effective rate of return:</u> 0.105992287 = 10.60%

5 0
3 years ago
Vestel Corporation, a Turkish company that manufactures​ battery-powered tools, is considering the idea of selling its products
photoshop1234 [79]

Answer:

The given approach would be "Proxy indicators".

Explanation:

  • A proxy indicator would be a parameter that often used substitute throughout that would be harder to quantify individually.
  • This would be an ambiguous indication of either estimate which may well approximate or otherwise be indicative of such an occurrence or without the existence of either a specific measurement.

So really the answer above would be appropriate.

3 0
3 years ago
Which of these is NOT a barrier to trade?
Anton [14]

Answer:

All the options are correct

7 0
2 years ago
All of the following are true of the effect of fair value accounting on the financial statements except a.changes in the fair va
Anna71 [15]

Option C

<u>Explanation:</u>

All of the following are true of the effect of fair value accounting on the financial statements :

<u>option c. changes in the fair value of available-for-sale securities are recognized on the income statement. is correct .</u>

Reasonable worth bookkeeping is a monetary detailing approach, otherwise called the "mark-to-advertise" bookkeeping practice, under proper accounting rules (GAAP). Utilizing reasonable worth bookkeeping, organizations measure and report the estimation of specific resources and liabilities based on their real or assessed reasonable market costs. Changes in resource or risk esteems after some time produce hidden additions or misfortunes for the advantages held and liabilities extraordinary, expanding or diminishing total compensation, just as value to be determined sheet.

4 0
3 years ago
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