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grin007 [14]
3 years ago
8

DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous M

onday, December 29. Prepare the adjusting entry on December 31. Omit explanations. If an amount box does not require, leave it blank.
Business
1 answer:
PSYCHO15rus [73]3 years ago
4 0

Answer:

December 31  Salaries & wages expense       3600 Dr

                             Salaries & wages Payable         3600 Cr

Explanation:

The pay week is of 5 days starting from Monday to Friday. The wage per day is,

wage per day = 6000 / 5  = $1200 per day

The adjusting entry is made based on the accrual or matching principle which follows that the expenses and revenue relating to a particular period should be matched and recorded in their respective periods.

Thus, the wage expense for 3 days ending 31 December will be recorded as wages expense on 31 december for 1200 * 3  = $3600

The credit against this entry will be wages payable as the wage will be paid on January 2.

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During 2013, Company A has the following transactions involving its common and preferred stock:
Dennis_Churaev [7]

Answer:

Explanation:

Issued 20,000 shares of $8 par common stock for $26 a share; brings total shares outstanding to 50,000 shares

Bank A/c………Dr. 520000

To Share Capital A/c. 160000

To Paid in excess of par 360000

Issued 6,000 shares of $100 par, 6%, cumulative preferred stock for $150 per share

Bank A/c………Dr. 900000

To Preferred Stock A/c. 600000

To Paid in excess of par. 300000

When the market value of the common stock reached $15 a share, company A declared a 3-for-1 stock split reducing the par value to $188 per share.

Share Capital (par value at 8) 400000

To Share Capital (par value at 2.67)

400000

7 0
3 years ago
Under the _____, employers can be liable for current pay differences that are a result of discrimination that occurred many year
s344n2d4d5 [400]

Correct/Complete Question:

Under the _____, employers can be liable for current pay differences that are a result of discrimination that occurred many years earlier.

A. Sarbanes-Oxley Act

B. Lilly Ledbetter Fair Pay Act

C. Equal Pay Act

D. Fair Labor Standards Act

Answer:

B. Lilly Ledbetter Fair Pay Act

Explanation:

In 2009, the Lilly Ledbetter Fair Pay Act was enacted by the US congress. The act was aimed at worker protection against discrimination in pay thus giving individuals who are facing such situation a way to seek redress or rectification according to the federal anti discrimination law.

Cheers.

6 0
3 years ago
You are an insurance salesman. If you make 12% on all insurance sales and sold an average $35,000 / month, how much money did yo
Zigmanuir [339]

Answer:

$50,400

Explanation:

To do this first start by multiplying .12 x 35,000. The answer should be $4,200. After this multiply 4,200 by 12 in order to get the amount of money earned over a 12 month period. This will give you $50,400.

5 0
3 years ago
Jones, a farmer, found an odd-looking stone in his fields. he went to smith, the town jeweler, and asked him what he thought it
Tresset [83]

Even though there was a miscommunication in the sale, Jones did not know that the stone was a diamond before selling it and Smith can easily say he did not know it was either. If Jones had taken the stone and received other opinions on it, he may have gotten more money but because he sold the stone, there is nothing he can take action on Smith for.

5 0
3 years ago
The assembly department had beginning work in process of 18,000 units, ending work in process of 22,000 units, and units transfe
salantis [7]
Hi there

beginning work in process+units started or transferred in=ending work in process+units transferred out

So we need to find units started or transferred in=58,000+22,000−18,000
=62,000...answer

Hope it helps
3 0
4 years ago
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