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AysviL [449]
3 years ago
12

Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. T

he city pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the general fund had earned $90,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the city’s general fund on June 30? Debit Expenditures $90,000; credit Accrued wages and salary $90,000 Debit Expenses $90,000; credit Accrued wages and salary $90,000 Debit Expenditures $90,000; credit Encumbrances $90,000 Debit Expenses $90,000; credit Encumbrances $90,000
Business
2 answers:
EastWind [94]3 years ago
7 0

Answer: Debit expenses $90000; credit accrued wages and salaries $90000

Explanation:

Accrued wages and salaries are liabilities unpaid at the end of a financial period in respect of wages and salaries.

The entry for accrued wages and salaries involves a debit to the expense account and a credit to the accrued wages and salaries account. In the case of the financial statements for City of Juneau described above, we can make the entry thus:

Payment of wages is biweekly, and was last paid on Friday June 25.

The year ended June 30, therefore workers have earned wages for Monday, Tuesday and Wednesday amounting to $90000.

So we have to debit expenses with $90000 and credit accrued wages and salaries with $90000.

Because the accrued wages will be paid in the next financial year, the entries will be reversed at the beginning of that year.

ra1l [238]3 years ago
5 0

Answer:

Debit Expenses $90,000; credit Accrued wages and salary $90,000

Explanation:

If we assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The employees paid from the general fund had earned $90,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30).

The entry, if any, should be made in the city’s general fund on June 30 is to: Debit Expenses $90,000; credit Accrued wages and salary $90,000

The amount has been incurred in the month but has not been paid hence it has to be captured as expenses for the month of June while the double entry will be that the amount is captured as accrued wages signifying that it has not been paid within the period it was incurred

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In a period of rising prices, the inventory method that produces the lowest ending inventory is the:
Dmitry [639]

Answer:

LIFO Periodic method

Explanation:

The LIFO means Last In First Out this means that item that have been stocked today would be sold first although there’s still some inventory from previous periods.

Using LIFO would result in lower ending inventory because closing inventory would be valued at low price which they had been bought assuming that there’s now a hick in price and goods in the warehouse were stocked when prices were low.

LIFO is used for the manipulation of profit.

8 0
3 years ago
PLZZZ HELP, i have limited time and i will give brainliest.
Schach [20]

Answer:

Q1. Selena will have earned <em><u>$ 25.00</u></em> in interest by the end of the year.

Since interest paid is 5% in simple interest, we can calculate that by using the formula:

SI = (P)(r)(t)

SI = (500)(0.05)(1) = 25

Q2. The balance in Suki's account at the end of two years will be <em><u>$866.2854.</u></em>

This means that she will have earned <em><u>$66.2854</u></em>  in interest.

Since interest is compounded quarterly, Suki will receive interest for 8 periods. The formula for compound interest with more than one interest period per year is:

\mathbf{A = (P)*(1+(\frac{i}{m})^{n*m}}

where

A is the amount at the end of the period

P is the principal

i is interest rate per annum

m is number of compounding periods in a year

n is number of years

Substituting the values in the formula above we get,

A = (800)*(1+(\frac{0.04}{4})^{2*4}

A = (800)*(1.01)^{8}

\mathbf{A = 866.2853645}

Now, we calculate the interest earned by doing \mathbf{CI = A -P}.

\mathbf{CI = 866.2854- 800 = 66.2854}

Q3. It will take <em><u>18 years</u></em> for the money to double to $100.

Since we need to use the rule of 72, we'll divide 72 by the interest rate to determine the number of years needed to double the investment's value.

So, the number of years is \frac{72}{4} =18.



5 0
3 years ago
Angelo's father says he's going to "live off his Social Security" once he's ready to retire. What is Social Security, and how do
Orlov [11]

Social Security is a program and agency that provides benefits. Angelo's father can apply for the benefits for retirement to receive an income every month after he retires.

In the United States, the Social Security Agency provides benefits to citizens, these benefits are indirectly paid by citizens through taxes. This includes:

  • Survivor benefits.
  • Benefits for retirement.
  • Benefits for disability.

When Angelo's father refers to Social Security, he is likely referring to the benefits for retirement the Social Security Agency provides. This is a great benefit because Angelo and his family will receive money every month that will replace his wage as a worker.

This means he can use this benefit to pay for basic expenses such as housing, food, education, etc. without being an active worker.

Learn more in:  brainly.com/question/2460666

5 0
2 years ago
If fixed costs are $400,000 and the unit contribution margin is $20, how many units must be sold in order to realize an operatin
Mariulka [41]

Answer:

32,500 units must be sold to realize an operating income of $250,000.

Explanation:

a) Calculations:

Using the break-even plus target profit analysis, we can calculate the target quantity of sales that will generate a target profit.

To break-even, the company needs to sell the following quantity,

Break-even point = fixed costs/contribution margin per unit = $400,000/$20 = 20,000 units.

To achieve a target profit, the company needs to sell the following quantity,

Break-even with target profit = (Fixed cost + target profit)/contribution margin per unit = ($400,000 + 250,000) / $20 = $650,000/$20 = 32,500 units.

b) Break-even analysis is a managerial accounting technique for determining the units should a company can sell or produce in order to even revenue and costs.  From the analysis, a company can also determine the units to sell in order to realize a target profit.  This helps a lot in decision making.

8 0
3 years ago
A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on e
zvonat [6]

Answer: Straight Rebuy

Explanation: There are 3 major types of buying situations

1. New Task

2. Modify Rebuy

3. Straight Rebuy

Straight rebuy is a buying situation in which the buyer routinely reorders something without any modifications.

8 0
3 years ago
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