Answer:
Debit Credit
Wages expenses $17,500
Wages receivable $7,500
Wages payable $25,000
Explanation: The end of the current month falls on the second Tuesday of the pay period means, on the 7th day, the end of the month was Tuesday instead of the expected 10th workday and a Friday. In this instance, it means the employees of Lucid Laboratories had only worked for 7 days, then a wages expense of 7/10 days x $25,000 ($17,500) would be recorded with the balance being a wage receivable (since the employees are expected to work for the remaining work days in the next month). The total amount would then be recorded as a payable.
Next month, when it is a first Friday and is time to make payment, the company will record the following entries:
Debit Credit
Wages payable $25,000
Cash $25,000
Wages expense $7,500
Wages receivable $7,500
Answer:
20,300 pounds
Explanation:
<u>Purchases Budget for February - Pounds</u>
Material required in Production 19,900
Add Opening Materials Inventory (19,900 x 20%) 3,980
Total 23,880
Less Closing Materials Inventory (17,900 x 20%) (3,580)
Budgeted Purchases 20,300
Therefore,
Purchases of raw materials for February would be budgeted to be 20,300 pounds
Answer:
The correct answer is (C) The buyer's obligation to the seller changes in the event of theft or physical destruction or damage of the product.
Explanation:
Unlike the loss incurred models contained in the existing US GAAP, the CECL model does not specify a threshold for the recognition of the provision for impairment. Moreover, the entity will recognize its estimate of expected credit losses for financial assets at the end of the reporting period. Credit impairment will be recognized as a provision - or against asset - rather than as a direct punishment of the base of the amortized cost of the financial asset. However, the carrying amount of the financial asset deemed uncollectible will be written off in a manner consistent with existing US GAAP.
Incomplete question. Here's the full text;
Cracked Mirror, a locally well-known rock group, contracts to play for your high school prom. A week before the dance, the group cancels its appearance. A teacher finds out that the band took the opportunity to perform in a concert that will pay them $800 more. The class president’s mother is an attorney and offers her services to the school.....In the question above, could you fashion an equitable remedy that might prompt Cracked Mirror to decide to keep its commitment to play at your prom? (Certain remedies that may come to mind could violate portions of the U.S. Constitution and therefore could not be pursued.)
<u>Explanation:</u>
A good remedy that comes to mind is the equitable remedy of Specific performance. The remedy of Specific performance is usually issued by a court order requiring a party to perform a specific action, as obliged in a contract.
Thus, by suing Cracked Mirror rock group to pay monetary damages for its failure to perform could prompt them to keep its commitment to play at your prom, especially when the damages involves a significant amount.
Answer:
1.conduct market research.Market research will tell you if there is an opportunity to turn your plan into successful business
2.write your business plan
3.fund your business
4.pick your business location
5.choose your business location
6.choose your business name
7.register your business
8.get federal and state tax IDs
