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djverab [1.8K]
3 years ago
14

On April 1, the company retained an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the

company on May 12. As of April 30, $1,533 of interest expense has accrued on a note payable. The full interest payment of $4,600 on the note is due on May 20. Total weekly salaries expense for all employees is $12,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both: The April 30 adjusting entry. The subsequent entry during May to record payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations.)
Business
1 answer:
olga55 [171]3 years ago
6 0

Answer:

                                       Journal Entries

Date         Account Titles and Explanation      Debit       Credit

April 30   Salaries expenses                             $4,800

                 ($12,000/5) * 2

                        Salaries payable                                         $4,800

                  (To record the Accrual of salaries expense)

May 30      Salaries Expenses

                   ($12,000/5)*3                                   $7,200

                   Salaries payable                              $4,800

                           Cash                                                           $12,000

                    (To record the payment of salaries expenses)

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Cori's Corp. has an equity value of $13,505. Long-term debt is $8,800. Net working capital, other than cash, is $3,620. Fixed as
ruslelena [56]

Answer:

Cash $705

Current Assets $6,195

Explanation:

Equity $13,505

Long-term debt $8,800

Net working capital, other than cash, $3,620.

Fixed assets are $17,980

Current liabilities are $1,870.

Net Working capital is the Net value of Current and Current Liabilities.

We need to calculate current assets with cash first.

As we know

Assets = Equity + Liability

Fixed Assets + Current Assets = Equity + Long Term Liability + Current Liability

$17,980 + Current Assets = $13,505 + $8,800 + $1,870

Current Assets = $24,175 - $17,980 = $6,195

Net Working Capital  = Current Assets - Current Liabilities

$3,620 = Current Assets - $1,870

Current Assetsother than cash = $3,620 + $1,870

Current Assets other than cash = $5,490

Cash Value = Total Current Assets - Current Assets other than cash = $6,195 - $5,490 = $705

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3 years ago
As a part of its merchandise management, the supermarket chain, Whole Foods Market seeks out and supports local producers, and i
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Answer:

B

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Moraine, Inc., has an issue of preferred stock outstanding that pays a $5.35 dividend every year in perpetuity. If this issue cu
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Answer:

5.75%

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Suppose that China is a small country of peanuts import, and the demand and supply of peanuts are as follows:
chubhunter [2.5K]

1. a. Under free trade, China's peanuts domestic production will be 100 units (50 + 5 x 10).

b. Under free trade, China's peanuts import will be 200 units (300 - 100).

c. Under free trade, China's peanuts export will be negative 200 units (100 - 300).

d. Free trade ensures that domestic consumption is met because domestic manufacturers will produce 100 units while the remaining 200 units demanded by consumers will be met through imports.

2. a. With a quota limit of 200 units for peanuts import, peanuts production will still be 100 units (50 + 5 x 10).

b. Under the quota limit, China's peanuts import will be 200 units (300 - 100) since internal production is not more than 100 units.

c. Under the quota limit, China's peanuts export will be zero units.

d. The quota limit will still ensure that domestic consumption is met because the quota of 200 units plus 100 units of internal production will meet domestic demand for 300 units.

<h3>What are Free Trade and Quota?</h3>

Free trade implies the absence of any government-imposed limits on imports and exports.  On the other hand, quota refers to the trade restriction imposed by governments.

<h3>Data and Calculations:</h3>

D = 400 - 10P

S = 50 + 5P

Where:

D = Demand

S = Domestic Supply

P = Price

Price = $10

a. The quantity demanded will be 300 units (400 - 10 x  10).

b. The quantity supplied (domestically) will be 100 units (50 + 5 x 10).

c. The import quantity will be 200 units (300 - 100).

c. Quota imposed on imports of peanuts = 200 units

Thus, <u>there will be no changes</u> in the welfare of consumers and manufacturers under the quota limit compared with free trade because the quota meets domestic demand.

Learn more import and export quota systems and free trade here: brainly.com/question/14913943 and brainly.com/question/10608502

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