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Over [174]
3 years ago
7

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

company on may 12. Prepare the required adjusting entry, if any
Business
1 answer:
telo118 [61]3 years ago
8 0

Answer:

<u>On April 30,</u>

Dr Attorney Fee Expense $3500

Cr Attorney Fee  Payables       $3500

<u>On May 12,</u>

Dr Attorney Fee  Payables $3500

Cr Cash Account                        $3500

Explanation:

Okay here the attorney fee is the legal fee expense that was accrued in April and must accounted for as accrued expense. The accounting entry would be increase in payables (Credit) and expense (Debit) as well.

Dr Attorney Fee Expense $3500

Cr Attorney Fee  Payables       $3500

Now on May 12, the company paid the expense which means that the legal fee payable was reduced to zero (Reduction in liabilities is always debited) and the cash is also reduced by $3500 (Asset reduction is always credited).

Dr Attorney Fee  Payables $3500

Cr Cash Account                        $3500

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Which of the following situations might convince an employer to choose a nonqualified retirement plan over a qualified profit-sh
Vinil7 [7]

Answer:

All the options might convince to an employer to choose a nonqualified retirement plan over a quialified plan.

en A). the owner of the corporation would use a nonqualified plan because the income tax rate of the business is lower than the owner´s tax rate.  

B) Is a true statement.  as nonqualified plans are typycally only stablised to benefit the executive and there are no requirements to benefit thr rank and file

C)

would cause an employer to choose a nonqualified plan because a nonqualified plan requires less administrative costs than a profit sharing plan

7 0
2 years ago
The total cost​ (in dollars) of manufacturing x auto body frames is ​C(x)=60,000+400x. ​(A) Find the average cost per unit if 20
Nesterboy [21]

Answer:

a) Average price per unit = 700

b) average marginal cost = -1.5 dollars/frame

c) For 201 frames are produced = $698.5

Explanation:

Given Data:

C(x) = 60000 + 400x

a) Average cost for 200 units:

Total Cost of 200 units will be:

C(200) = 60000 + 400(200)

C(200) = 140,000

Total Cost of 200 units = 140,000

Average price per unit = Total Cost / number of units

Average price per unit = 140,000/200

Average price per unit = 700

b) Marginal Average Cost:

We know that marginal cost = C^{'}(x)

And the average marginal cost = \frac{d}{dx} \frac{C(x)}{x}

So,

= the derivative of (\frac{60,000 + 400(x)}{x})

= the derivative of (\frac{(60,000)}{x} + 400)

= \frac{-60,000}{x^{2} } + 0

So,

average marginal cost = \frac{-60,000}{x^{2} }

at x = 200 units

average marginal cost = \frac{-60,000}{200^{2} }

average marginal cost = -1.5 dollars/frame

c) Average cost per frame if 201 frames are produced:

We already seen in the part b that, the average marginal cost is decreasing by 1.5 dollars /frame. So,

if 201 frames are produced the instead of 200 then the difference is of 1 frame and we discussed that average marginal cost of 1 frame is decreasing at 1.5 dollars per frame.

So,

As we know the average cost from part a = 700 dollars.

Therefore, for 201 item = 700 dollars -1.5 dollars

For 201 frames are produced = $698.5

5 0
3 years ago
What is the minimum monthly gross income you need to be able to afford the above and still save $100 a month? set all to zero ex
zubka84 [21]

What is the minimum monthly gross income you need to be able to afford the above and still save $100 a month set all to zero except $800-$999 medicare $100, internet $50, telephone $50. food $600.The amount paid to an employee in a month before taxes or other deductions is known as gross monthly income.

The amount is specified in both job offer letters and paychecks. Overtime, bonuses, and commissions are all possible sources of additional gross monthly income. Gross pay is related. Your gross income will also help you budget and figure out how much money you'll have to save for retirement.

To learn more about gross income, click here

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8 0
1 year ago
Major Manuscripts, Inc., is currently operating at 70 percent of capacity. All costs and net working capital vary directly with
bagirrra123 [75]

The attached data is required to answer the question

Answer:

$535

Explanation:

In this scenario we need to calculate the additional debt required by Major Manuscript

We expect an increase of 10% of sales

Therefore

Total assets projected = 9,420 * 1.10 = $10,362

Accounts payable projected = 2,200 * 1.10 = $2,420

Current long term debt = $260

Current common stock = $2,400

Retained earnings projected = 4,560 +{(360 - 190) * 1.10} = $4,747

Additional debt required = 10,362 - 2,420 - 260 - 2,400 - 4,747

Additional debt required = $535

6 0
2 years ago
Which of the following statements is correct?
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Bonds are a form of a debt captial
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