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Leya [2.2K]
3 years ago
10

A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a

credit to Cash for $8,000. Which explains this entry?
Business
1 answer:
riadik2000 [5.3K]3 years ago
4 0

Answer: The entry is a reflection cash payment of $8000 which is a reduction of liabilites of $3000 on salaries payable and an expense of $5000 incurred on salaries.

Explanation: The transaction coud be a typical scenario of a payment for salaries previously due provided for while also paying for the presently incurred salaries expense.

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If a competitive firm can sell a bushel of soybeans for $25 and it has an average variable cost of $24 per bushel and the margin
Dmitrij [34]

Answer:

reduce output

Explanation:

The marginal cost ($26) is greater than the marginal revenue ($25). In order to maximise profit, marginal cost should he reduced up to the point where marginal cost equals marginal benefit.

A firm should shutdown, reduce production to zero if average variable cost is greater than price but in this question, the firm shouldn't shut down since price ($25) is greater than average variable cost ($24).

I hope my answer helps you

5 0
3 years ago
Al owned a family high-deductible health policy as part of his MSA for the entire year. What is his maximum permitted contributi
Arte-miy333 [17]
Well according to my calculations and 20+ yrs of experience in business your answer should be 15,000
4 0
3 years ago
Select all that apply Describe data processing in accounting by selecting the correct statements below. (Check all that apply.)
lakkis [162]

Answer:

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.

Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Hence, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as operating activities. All the net income or cash from all operational business activities of a company is recorded as operating activities.

The correct statements that best describes data processing in accounting includes;

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

4 0
2 years ago
Strait Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total
AlekseyPX

Answer:

c. $52,670

Explanation:

The computation of the fixed cost and the variable cost per hour by using high low method is shown below:

Variable cost per desk = (High cost - low cost) ÷ (Highest production - lowest production)

= ($82,700 - $63,300) ÷ (3,500 desk - 1,240 desk)

= $19,400 ÷ 2,260 desk

= $8.58

Now the fixed cost equal to

= High cost - (High production × Variable cost per desk)

= $82,700 - (3,500 desk × $8.58)

= $82,700 - $30,030

= $52,670

6 0
3 years ago
Rossiter Restaurants is analyzing a project that requires $180,000 of fixed assets. When the project ends, those assets are expe
Leviafan [203]

Answer:

Cash in-flow in the last year.

Explanation:

Salvage value, also known as residual value, is the amount that you receive from sale of Property, Plant, and Equipment at the end of useful life. When computing the NPV of any project, we consider all the relevant cash flows of that project. Since, $45,000 will be received when project ends from sale of Fixed asset, so this figure will be treated as Cash in-flow and discounted.

8 0
2 years ago
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