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Lisa [10]
3 years ago
15

Pablo management has ten part-time employees, each of whom earns $145 per day. they are normally paid on fridays for work comple

ted monday through friday of the same week. assume that december 28, 2016, was a friday, and that they were paid in full on that day. the next week, the ten employees worked only four days because new year's day was an unpaid holiday. prepare the adjusting entry that would be recorded on monday, december 31, 2016 and friday, january 4, 2017.

Business
1 answer:
kvv77 [185]3 years ago
4 0

Explanation:

December 31, 2016: To record accrued wages for one day (10 workers × $145) = $1,450.

January 4, 2017: To record accrued and current wages.

Wages expense = 10 workers × 3 days × $145 = $4,350

Cash = 10 workers × 4 days × $145 = $5,800.

See attached photo.

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sleet_krkn [62]

Answer:

Adjusted balance: 1,801 dollars

Explanation:

Bank statement balance:   1,921

outstanding checks            (300)

bank mistake                     <u>   180  </u>

adjusted bank balance      1,801

Cash account balance:      1,900

service charge                       (25)

Interest earned                          1

car insurance expense       <u>   (75)</u>

Adjusted Balance:               1,801

We adjust each party for mistake and unknow information.

The bank made a mistake and is unaware of the outstanding checks

Joe didn't know about the insurance amount, the service charge nor the interest thus, it need to record and adjust for this value.

5 0
4 years ago
How is studying microeconomics significant​
Margarita [4]

Answer:

Microeconomics is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. This helps with understanding a business and how well put together they are.

5 0
3 years ago
Dextra Computing sells merchandise for $10,000 cash on September 30 (cost of merchandise is $8,000). Dextra collects 9% sales ta
sammy [17]

Answer:

1. Dr Cash $10,900

Cr Sales $10,000

Cr Sales Taxes Payable $900

2. Dr Cost of Goods Sold $8,000

Cr Merchandise Inventory $8,000

3. Dr Sales Taxes Payable $900

Cr Cash $900

Explanation:

1. Preparation of the journal entry to record the cash sale and 9% sales tax

Dr Cash $10,900

($10,000+$900)

Cr Sales $10,000

Cr Sales Taxes Payable $900

($10,000*9%)

(To Record the cash sale and 9% sales tax)

2. Preparation of the Journal entry to record the cost of September 30th sales

Dr Cost of Goods Sold $8,000

Cr Merchandise Inventory $8,000

(To Record the cost of September 30th sales)

Preparation of the journal entry to show Dextra sending the sales tax on this sale to the government on October 15

Dr Sales Taxes Payable $900

Cr Cash $900

($10,000*9%)

(Being the sales tax on the sale to the government on October 15)

3 0
3 years ago
Cookies by casey has sales of $487,000 with costs of $263,000. interest expense is $26,000 and depreciation is $42,000. the tax
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The net income of Cookies by casey is $123,240

What is net income?

The net income of the company is the excess of its sales revenue over all costs of the running the business, which includes, the costs of sale, interest expense, depreciation as well as the taxes payable to the government authority which is 21% of profits before tax in this case.

Profit before tax=sales-costs of sale-depreciation-interest expense

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costs of sale=$263,000

depreciation=$42,000

interest expense=$26,000

profit before tax=$487,000-$263,000-$42,000-$26,000

profit before tax=$156,000

tax rate=21%

net income=profit before tax*(1-tax rate)

net income=$156,000*(1-21%)

net income=$123,240

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8 0
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What are the fundamentals of a wealthy life?
Alenkinab [10]

Answer:

  • Avoiding debt.
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  • Investing in yourself.
  • Diversifying your assets.
  • An understanding of risk and reward

8 0
3 years ago
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