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nordsb [41]
3 years ago
10

Assume that salaried employees of Mayer, Inc., earn 2 weeks of vacation per year. The salaried employees earn a total of $160 ea

ch pay period. Mayer's first payroll of the year is on January 7. Prepare the January 7 journal entry for Mayer by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
2 answers:
Lelu [443]3 years ago
8 0

Answer:

Dr. Salaried and Wages Expense  $160

Cr. Vocational benefit Payable       $160

Explanation:

The vocational pay is an expense for Mayer, Inc., to record this expense we have debited the Salaried and Wages Expense account by $160, because expenses have debit nature and need a debit entry to Increase.

O the other hand a liability will be created for vocational benefit payable, which needs a credit entry to Vocational benefit Payable account.

Dafna11 [192]3 years ago
4 0

Answer:

Jan .7 Dr Vacation Benefits Expense $ 160

Cr To Vacation Benefits Payable $160

Explanation:

Journal entry for Mayer

Date Account Name Debit Credit

Jan .7

Dr Vacation Benefits Expense $ 160

Cr To Vacation Benefits Payable $160

( to record vacation pay expense.)

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On January 1, 2020, Levy Company issues 100 x 5% bonds with a face value of $1500, The bonds mature on December 31, 2030 and pay
JulsSmile [24]

Answer:

$150,000

Explanation:

Calculation for the amount of Cash raised for the Levy Company

Using this formula

Cash raised for Levy Company = Number of Bonds * Face value of the Bond

Let plug in the formula

Cash raised for Levy Company = 100 * $1,500

Cash raised for Levy Company = $150,000

Therefore the amount of Cash raised for the Levy Company will be $150,000

8 0
3 years ago
Are the Hopkins eligible to claim the earned income credit?
inn [45]

Answer:

yes

Explanation:

8 0
3 years ago
Farmer Joe is planning to purchase a new hog farm. He anticipates making $20,000 the first year, $25,000 the second year and $30
Pachacha [2.7K]

Answer:

The simple rate of return is 37.5%

Explanation:

Simple rate of return is the percentage of return on investment that takes the net annual return cash flow of an investment and compare with initial capital of the investment. It is calculated with this formula:

<u>Total annual return - Depreciation expense</u>

                Initial capital outlay

For farmer Joe, the simple rate of return is:

<u>$20,000 + $25,000 + $30,0000 -$0</u>     x   100

                    $200,000

=   <u>$75,000</u>  x 100

   $200,000

= 37.5%

Depreciation expense is assumed to be zero.

6 0
3 years ago
Jacob wants to invite 20 friends to his birthday, which will cost his parents $250. If he decides to invite 15 friends instead,
ehidna [41]
The answer would be 187.50

250 $ for 20 friends would be $12.50 per friend. So, 12.5 x 15 = $187.50
4 0
3 years ago
A recent innovation by Amazon, the Vendor Flex program, seeks to lower overall transportation costs but also creates new forms o
Mariulka [41]

Answer:

A) horizontal

Explanation:

Horizontal channel conflicts  occur when members of the same level of marketing channels have disputes or disagreements regarding the sales strategies for one or more product lines.

In this case, Amazon and Target are both retailers, and since Target felt that P&G was unfairly helping Amazon, they reacted by changing their marketing strategies for P&G's products. The conflict here is between Amazon and Target who are both in the same level of marketing channels.

3 0
3 years ago
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