1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Roman55 [17]
3 years ago
7

Adjusting Entries for Accrued SalariesGarcia Realty Co. pays weekly salaries of $26,500 on Friday for a five-day workweek ending

ending on that day.a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Monday.b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Thursday.
Business
1 answer:
Tems11 [23]3 years ago
5 0

Answer:

a.

                                                     Debit                    Credit

Salary expense                            $5,300                

($26,500/5)

Salary payable                                                        $5,300

b.                                                       Debit                    Credit

Salary expense                            $21,200                

($26,500/5*4)

Salary payable                                                        $21,200

Explanation:

a. The journal entry that should be made in the books of the Garcia Realty Co. if the accounting period ends on the monday is given below:

                                                     Debit                    Credit

Salary expense                            $5,300                

($26,500/5)

Salary payable                                                        $5,300

b. The journal entry that should be made in the books of the Garcia Realty Co. if the accounting period ends on the thursday is given below:

                                                     Debit                    Credit

Salary expense                            $21,200                

($26,500/5*4)

Salary payable                                                        $21,200

You might be interested in
Heath Company uses 10,000 units of a part in its production process. The costs to make a part are: direct material, $12; direct
Korolek [52]

Answer: 40,000 to buy the part

Explanation:

Cost to buy : $55/ 10,000= 550,000


Cost to manufacture: (12+25+13+9)=59


The difference: $4/10,000= 40,000

6 0
1 year ago
On December 31, 2020, Buffalo Company signed a $1,278,400 note to Carla Bank. The market interest rate at that time was 10%. The
Zarrin [17]

Answer:

Explanation:

The detailed steps and calculation is as shown in the attached files.

4 0
3 years ago
Galvatron Metals has a bond outstanding with a coupon rate of 6.1 percent and semiannual payments. The bond currently sells for
Eva8 [605]

Answer:

After tax cost of debt is 4.16%

Explanation:

The yield on the debt which is pre-tax cost of debt can be computed using the rate formula in excel, which is given as follows:

=rate(nper,pmt,-pv,fv)

where nper is the number of coupon payments,this is calculated as 19*2 since it has a semi-annual coupon interest

pmt is the periodic coupon payment  6.1%/2*$2000=$61

pv is the current price of the bond which is $1933

fv is the face value repayable on redemption $2000

=rate(38,61,-1933,2000)

=3.20%

This is semi-annual yield , annual yield is 3.20%*2=6.40%

After tax cost of debt=6.40%*(1-t)

where t is the tax rate at 35%=0.35

after tax cost of debt=6.40%*(1-0.35)

                                  =4.16%

5 0
3 years ago
Whether an existing business process is being improved or a completely new business process is being​ created, the first step in
PIT_PIT [208]

Answer:

A) define the goals. (part of define the problem)

Explanation:

The 5 stages of the Six Sigma process (DMAIC) are:

  1. <u>D</u>efine the problem: involves defining the problem statement ⇒ the reasons for creating or improving the process ⇒ define the goals of the process ⇒ establish a timeline ⇒ determine the scope of the project ⇒ choose the team that will be in charge of carrying out the project.  
  2. <u>M</u>easure or quantify the problem.
  3. <u>A</u>nalyze and identify the cause of the problem.
  4. <u>I</u>mprove by solving the root cause of the problem and verify the improvement.
  5. <u>C</u>ontrol the improvements and pursue perfection.

8 0
3 years ago
When the quantity of coal supplied is measured in kilograms instead of pounds, the demand for coal becomes
wolverine [178]

Answer:

the quantity of coal becomes more elastic

hope this helps you ☺️☺️

3 0
3 years ago
Other questions:
  • Charleston, Inc. has Accounts Receivable of $170,000 and an Allowance for Doubtful Accounts of $11,000. If it writes-off a custo
    15·1 answer
  • Bernson Corporation is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $49
    6·1 answer
  • Which of the following statements are false?
    11·1 answer
  • You just acquired a home mortgage for 30 years in the amount of $184,500 at 4.65 percent interest, compounded monthly. How much
    15·1 answer
  • Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows:
    6·1 answer
  • A manufacturer produces hacksaw blades. recently, the manufacturer has decided to enhance its product line and offer band blades
    10·1 answer
  • Assume that the yen/dollar exchange rate quoted in London at 3:00 p.m. is ×120 = $1, and the New York yen/dollar exchange rate a
    10·1 answer
  • Whst is the basic purpose of any communication? A. To make a point B.To provide information C. To establish a story D. To convey
    5·2 answers
  • The Holiday Corporation had sales of $450 million this year. Its accounts receivable balance averaged $30 million. How long, on
    5·1 answer
  • The graphic would indicate a market that is
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!