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3 years ago

A salary owed to employees is an example of an accrued expense a. True b. False

2 answers:

8 0

An accrued expense in accounting is any liability that is accounted for before it's actually paid. So any money that an employee earned by doing their jobs is money owed to them and put down in the accounting ledger as an 'accrued expense'. True

pogonyaev3 years ago

5 0

a. True

An accrued expense is an expense that exists in the books before it is paid off and it's a liability. It's a periodic and documented expense, and they are the opposite of prepaid expenses. A salary owed to employees is an example of an accrued expense.

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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

olchik [2.2K]

Answer:

Kindly check attached picture

Explanation:

Given the details below

Accounts Debit Credit

Cash $16,000

Accounts receivable 162,000

Prepaid rent 10,000

Supplies 31,000

Equipment 370,000

Accumulated depreciation $129,000

Accounts payable 11,000

Salaries payable 3,500

Interest payable 1,900

Notes payable (due in two years) 37,000

Common stock 210,000

Retained earnings 176,100

Dividends 27,000

Service revenue 360,000

Salaries expense 150,000

Advertising expense 75,000

Rent expense 18,000

Depreciation expense 32,000

Interest expense 2,500

Utilities expense 35,000

Totals $928,500 $928,500

Prepare an income statement for China Tea Company for the year ended December 31, 2021

Kindly check attached picture

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3 years ago

What makes you buy a candied vegetable or a candied fruit?

Leviafan [203]

Answer: Your curiosity on whether it tastes like any other candy or not.

Explanation:

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3 years ago

The _________ is the content or general message of a conversation or what the conversation is about. a. business b. impersonal c

statuscvo [17]

Answer:

a. business

Explanation:

The opening is the beginning of the message.

The closing is the end of the message.

I hope my answer helps you

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3 years ago

Which tool does the federal reserve use to control monetary policy through bank borrowing? discount rate money creation open-mar

Alina [70]

The federal reserve use open-market operations tool to control monetary policy through bank borrowing.

<h3>What are open-market operations?</h3>

Open market operations tend to imply the process in which the Fed buys and sells securities of the government in the financial market or to commercial banks.

Therefore, the money supply stabilizes when Fed sells securities that decrease the borrowing capacity of the banks. Similarly, when Fed purchases securities, the banks' borrowing capacity increases which increase the money supply.

Learn more about Federal reserves here:

brainly.com/question/18451428

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2 years ago

Flint Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a

Salsk061 [2.6K]

Answer:

JOURNAL ENTRY :

Unrealized holding loss on purchase commitment - - - - - $48,700 Dr.

Estimated liability on purchase commitment ($990,700 - $942,000) - - - - 48,700 Cr.

Explanation:

Given the following :

Agreed purchase price of raw materials in 2018 = $990,700

Market value of raw material at 31, December 2018 = $942,000

JOURNAL ENTRY :

Unrealized holding loss on purchase commitment - - - - - $48,700 Dr.

Estimated liability on purchase commitment ($990,700 - $942,000) - - - - 48,700 Cr.

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3 years ago