Salary expense is $1,175 per day, Monday through Friday, and the business pays employees each Friday. If December 31 falls on
1 answer:
Answer:
$3525
Explanation:
Given: Salary expense is $1175 per day.
Number of days salary is paid= 5 days (Monday through Friday)
As given, December 31 falls on a Wednesday.
∴ From Monday to wednesday, it is 3 working days.
Now, calculating amount of adjusting entry to record accrued salaries.
⇒ Accrued salary=
∴ Amount of the adjusting entry to record accrued salaries would be $3525.
Accrued salary: It is the amount of liability remaining or salary left to be paid to employee at the end of period.
Journal entry is: Salaries A/C--- Dr
To Accrued Salaries A/C--- Cr.
You might be interested in
Answer:
4.53%
Explanation:
Data provided in the question:
Expected return = ∑ (Return × probability)
Thus,
Expected return = (0.06 × 22) + (0.92 × 13) + (0.02 × (-15))
= 12.98%
Now,
Probability Return Probability × (Return-Expected Return)²
0.06 22 0.06 × (22% - 12.98%)² = 4.8816
0.92 13 0.92 × (13% - 12.98%)² = 0.000368
0.02 -15 0.02 × (-15% - 12.98%)² = 5.657608
========================================================
Total = 20.5396%
Standard deviation =
= √(20.5396)
= 4.53%