The total payroll amount is $50,000 per week.
Since there are only 5 work days per week (Monday to
Friday), therefore the employees wage per day is:
Employees wage per day = $50,000 / 5 = $10,000
For the payday on April 4, the wages expense covered for
this would be from April 1 to April 4 since the accounting period ended on
March 31. Therefore wages expense in the journal entry would be calculated
using 4 days.
Wages expense for April for the payday April 4 = Employees
wage per day * Number of days
Wages expense for April for the payday April 4 = $10,000 * 4
<span>Wages expense for
April for the payday April 4 = $40,000</span>
<span> the rate of inflation for that year is 10%
To calculate the rate of inflation for that year, we need to use this formula:
Rate of inflation = (CPI2 - CP1) / CPI1
Rate of inflation = (275 - 250) / 250
Rate of inflation = 25 / 250
Rate of inflation = 1 / 10
Rate of inflation = 10 %</span>
Answer: $450,000
Explanation:
It is shown that Nana Company does not have significant influence over Mama Company.
What this means is that Mama's retained earnings, incomes or dividends have no effect on the investment account of Nana in relation to their Mama investment.
The only relevant amount is the fair value of the Mama's stock that Nana owns.
= 10,000 * 45
= $450,000
Because the New Testament is about Jesus
Answer:
Estimated Bad Debts = $ 9600
Explanation:
<u>Libre, Inc. </u>
Accounts Receivable $121,000
Allowance for Doubtful Accounts un adjusted $1,550 Credit
Net credit sales $192,000
The percentage of credit sales method, what is the estimated Bad Debt Expense for the year= 5% of $192,000 = $ 9600
Unadjusted balance Allowance for Doubtful Accounts $1,550 Credit
Less Current Year Bad Debts Balance = $ 9600
Adjustment= $ 8050
When using the percent of sales method the estimate of bad debts is the percentage multiplied with the credit sales .
Estimated Bad Debts = $ 9600
