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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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3 years ago

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elixir [45]

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3 years ago

On what form would you find information regarding itemized closing costs due to other parties, such as tax assessments, recordin

IrinaVladis [17]

Answer:

Closing disclosure form

Explanation:

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3 years ago

Opera Corp uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost

Kryger [21]

Answer:

$159,057

Explanation:

The computation of cost of goods sold is shown below:-

Total cost of goods available for sale = (7,200 × $10) + (4,000 × $13) + (12,000 × $13.50)

= $72,000 + $52,000 + $162,000

= $286,000

Total units = 7,200 + 4,000 + 12,000

= 23,200

Average cost per unit = Total cost of goods available for sale ÷ Total units

= $286,000 ÷ 23,200

= $12.33

So,

Cost of Goods sold = Sold units during the month × Average cost per unit

= 12,900 × $12.33

= $159,057

Therefore for computing the cost of goods sold for the month we simply applied the above formula.

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3 years ago