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Bess [88]
3 years ago
13

Schneider Inc. had salaries payable of $60,000 and $90,000 at the end of Year1 and Year2, respectively. During Year2, Schneider

recorded $620,000 in salaries expense in its income statement. Cash outflows for salaries in Year2 were:
a.
$590,000.

b.
$620,000.

c.
$650,000.

d.
$530,000.
Business
1 answer:
Fittoniya [83]3 years ago
3 0

Answer:

The correct answer is option (A).

Explanation:

According to the scenario, the given data are as follows:

Salaries payable at the end of year 1 = $60,000

Salaries payable at the end of year 2 = $90,000

Salary expense in year 2 = $620,000

So, we can calculate the cash outflows for salaries in year 2 by using following formula:

Cash outflow = Salary recorded in year 2 + Salaries payable at the beginning of the year - Salaries payable at the end of year

= $620,000 + $60,000 - $90,000

= $590,000

Hence, the cash outflow for salaries in year 2 is $590,000.

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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:
wel

Answer:

$1,040,000

Explanation:

The calculation of cost of the inventory is shown below:-

Cost of Goods available for sale = Inventory balance + Purchase to date + Freight In

= $2,000,000 + $5,900,000 + $500,000

= $8,400,000

Cost of Goods Sold = Sales to date - (Sales to date × Gross profits)

= $9,200,000  - ($9,200,000 × 20%)

= $9,200,000 - $1,840,000

= $7,360,000

Estimated loss from fire = Cost of Goods available for sale - Cost of Goods Sold

= $8,400,000 - $7,360,000

= $1,040,000

For computing the estimated loss from fire we simply applied the above formula.

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Provided other eligibility requirements are met, who is eligible for Medicare?
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Answer:

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Organisms exhibiting complex multicellularity are large and have cells/tissues that are not in contact with their environment. S
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Answer:

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