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Eduardwww [97]
4 years ago
8

Employees at Metlock, Inc. are paid $13500 cash every Friday for working Monday through Friday. The calendar year accounting per

iod ends on Wednesday, December 31. How much salaries and wages expense should be recorded two days later on January 2
Business
1 answer:
fenix001 [56]4 years ago
5 0

Answer:

$5,400

Explanation:

The computation is shown below:

Given that

The cash paid every Friday = $13,500

And, on December 31, it is Wednesday

So, on December 31, the salaries and wages is  

= $13,500 × 3 days ÷ 5 days

= $8,100

And, on January 1 and January 2, the salaries and wages expense is

= $13,500 - $8,100

= $5,400

Or

= $13,500 × 2 days ÷ 5 days

= $5,400

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3 years ago
If the inflation rate was 3.40% and the nominal interest rate was 5.60% over the last year, what was the real rate of interest o
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Answer:

2.1276%

Explanation:

\ $Real Rate$  =   \frac{1+nominal}{1+inflation}  - 1

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<u>The reasoning behind this formula is the following:</u>

there is a rate that generate the combine effect of the nominal and the inflation rate

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real rate = (1+nominal) x (1+ inflation)  - 1

4 0
3 years ago
Assuming purchase costs are rising, determine which statements below are correct regardingthe cost of goods sold under FIFO, LIF
Contact [7]

Answer:

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2. Companies using FIFO will report the smallest cost of goods sold.

3. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.

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Explanation:

If costs are rising, companies using FIFO will report higher profits simply because they calculate cost of goods sold based on the oldest products which were purchased at a lower cost.

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Answer:

The correct answer is option C.

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