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Alenkinab [10]
3 years ago
8

On April 1, the company hired an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the com

pany on May 12. As of April 30, $3,000 of interest expense has accrued on a note payable. The full interest payment of $9,000 on the note is due on May 20. Total weekly salaries expense for all employees is $10,000. This amount is paid at the end of the day on Friday of each five-day work week. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses.
Business
1 answer:
Shkiper50 [21]3 years ago
4 0

Answer:

<u>Adjusting entries:</u>

April 30, legal fees

Dr Legal fees expense 3,500

    Cr Legal fees payable 3,500

April 30, accrued interest

Dr Interest expense 3,000

    Cr Interest payable 3,000

April 30, wages expense

Dr Wages expense 4,000

    Cr Wages payable 4,000

<u>Subsequent entries:</u>

May 12, legal fees

Dr Legal fees payable 3,500

    Cr Cash 3,500

May 20, paid interest

Dr Interest expense 6,000

Dr Interest payable 3,000

    Cr Cash 9,000

May 3, wages expense

Dr Wages expense 4,000

Dr Wages payable 6,000

    Cr Cash 10,000

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An informal writing style is typically appropriate when writing for an infamiliar audience.​
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Analytical reports are written for external audiences; informational reports are written for internal. An informal writing style is appropriate for external reports

Explanation:

Meaning of Informal Writing Style

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I hope that this helps you

6 0
3 years ago
Market equilibrium is defined as the point where _______________ . (Select all that apply.)
Mrrafil [7]
Quantity supplied equals to quantity demanded.
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43) An annuity is set up that will pay $1500 per year for ten years. What is the present value (PV) of this annuity given that t
11111nata11111 [884]

Answer:

PV= $9,626.49

Explanation:

Giving the following information:

Cash flow= $1,500

Interest rate= 9%

Number of years= 10

First, we will determine the future value, using the following formulas:

FV= {A*[(1+i)^n-1]}/i

A= cash flow

FV= {1,500*[(1.09^10) - 1]} / 0.09

FV= $22,789.395

Now, the present value:

PV=FV/(1+i)^n

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4 0
2 years ago
UA Hamburger Hamlet (UAHH) places a daily order for its high-volume items (hamburger patties, buns, milk, and so on). UAHH count
Assoli18 [71]

Answer:

730 items

Explanation:

The objective of the given information is to determine the number of hamburgers UAHH should order for the following conditions:

Average daily demand 600

Standard deviation of demand 100

Desired service probability 99%

Hamburger inventory 800

The formula for a given order quantity in a fixed period of time can be expressed as :

q = \overline d(L+T)+ z \sigma_{L+T}-I

where;

q =  order quantity = ???

\overline d = daily demand average = 600

L = lead time in days = 1

T = time taken = 1

z = no of standard deviation = ???

\sigma_{L+T} = standard deviation of usage in lead time and time taken = ???

I = present inventory level = 800

\sigma_{L+T} = \sqrt 2 × standard deviation of daily demand

\sigma_{L+T} = \sqrt{2} *100

\sigma_{L+T} = 1.4142 * 100

\sigma_{L+T} = 141.42 items

From the Desired service probability 99% = 0.99; we can deduce the no of standard deviation by using the excel function (=NORMSINV (0.99))

z = 2.33

From q = \overline d(L+T)+ z \sigma_{L+T}-I

q =600(1+1)+ 2.33*(141.42)-800

q =600(2)+ 2.33*(141.42)-800

q =1200+329.5086-800

q = 729.5086 items

q ≅ 730 items

Therefore; the  number of hamburgers UAHH should order from the following given conditions = 730 items

6 0
3 years ago
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