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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

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In AHP Procedure, the reason why we need to check the consistency is:

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3 0
3 years ago
Tiger Company completed the following transactions.
lbvjy [14]

Answer:

Tiger Company

1. Accounts, Amounts, and Effects on the Accounting Equation:

Date        Assets = Liabilities + Stockholders' Equity

Jan. 3      Inventory $31,000 increased = Accounts Payable $31,000 increased + Stockholders' Equity

Jan. 27    Cash $31,000 decreased = Accounts Payable $31,000 decreased + Stockholders' Equity.

Apr. 1      Cash $87,000 increased = Notes Payable $87,000 increased + Stockholders' Equity

June 13   Inventory $9,400 increased = Accounts Payable $9,400 increased + Stockholders' Equity

July 25   Cash $9,400 decreased = Accounts Payable $9,400 decreased + Stockholders' Equity.

Aug. 1     Cash $9,400 increased = Liability + Rent Revenue (Retained Earnings) $9,400 increased.

Dec. 31   Assets = Wages Payable $19,000 increased + Wages Expense (Retained Earnings) $19,000 decreased

Dec. 31   Assets = Interest Payable $1,305 increased + Interest Expense (Retained Earnings) $3,915 decreased

Dec. 31  Assets = Unearned Rent Revenue $3,525 increased + Rent Revenue (Retained Earnings) $3,525 decreased.

2. Indication of whether the debt-to-assets ratio is increased or decreased:

Date Effect Numerator Denominator

Jan. 3 Increased, Debt is increased, Assets are increased

Jan. 27 Decreased, Debt is decreased, and Assets are decreased

Apr. 1  Increased, Debt is increased, Assets are increased

June 13 Increased, Debt is increased, Assets are increased

July 25 Decreased, Debt is decreased, and Assets are decreased

Aug. 1 Increased, Debt is increased, Assets are increased

Dec. 31 Increased, Debt is increased, Assets are not affected.

Dec. 31 Increased, Debt is increased, Assets are not affected.

Dec. 31 Increased, Debt is increased, Assets are not affected.

Explanation:

The accounting equation indicates the balance that exists between the basic elements of accounting.  It states that Assets = Liabilities + Stockholders' Equity.  For every transaction, this equation holds true, because by the double entry system of bookkeeping, two or more accounts are always involved in every business transaction.

7 0
3 years ago
Willis Company made a $280,000 investment in new machinery. Assuming the company's margin is 7%, what income will be earned if t
uysha [10]

Answer:

the income earned is $39,900

Explanation:

The computation of the income earned is shown below:

As we know that

Margin (%) = Income earned ÷ Sales revenue

Therefore,

Income earned = Additional sales  Margin percentage

= $570,000 × 7%

= $39,900

hence, the income earned is $39,900

We simply applied the above formula so that the correct value could come

And, the same is to be considered  

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3 years ago
Before purchasing a car, John sought advice from his friends and researched auto reviews on the Internet. He also visited car de
noname [10]

Answer: b. external information search

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External information search occurs when the buyer has no previous knowledge about a product, which then leads them to seek information from personal or public sources or marketer dominated sources especially when the buyer's previous experience is limited inefficient. During the information search, the options available to the buyer are either identified or clarified.

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3 years ago
You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of
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Answer:

So we can offer for the house $180119.95

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Monthly income =$4000

Monthly mortgage payment allowed (P)= 25% of 4000= $1000

Interest rate per month (i)= 0.5%

Number of months in total (n)= 30*12= 360

Maximum loan affordable = P*(1-(1/(1+i)^n))/i

=1000*(1-(1/(1+0.5%)^360))/0.5%

=$166791.61

Closing cost is 4% of loan value = 166791.61*4% =$6671.66

Balance Amount left for down payment = 20000-6671.66

=$13328.34

It means we can pay $6671.66 for closing cost of Loan and $13328.34 for down payment.

Cost of house paid maximum = Down payment + Affordable loan

=13328.34+166791.61

=$180119.95

So we can offer for the house $180119.95

7 0
3 years ago
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