Dec 31 Management Services ....................................$1875
To Prepaid Expenses.....................................................$1875
(Being prepaid expenses recognised for the year)
Answer:
A. Dr Salary Expense $3,140
Cr Salary expense outstanding $3,140
B. Dr Income summary $275,790
Cr Salary expense $275,790
Explanation:
A. Preparation of the adjusting entry to record accrued salaries as of August 31
August 31
Dr Salary Expense $3,140
Cr Salary expense outstanding $3,140
(To record accrued salaries)
B. Preparation of the Closing entry on August 31
August 31
Dr Income summary $275,790
Cr Salary expense $275,790
($272,650+$3,140)
(To record Closing entry)
The employee PPE meet must contain the adequate equipment that the equipment is adequate to protect the work place and the workers from the hazardous accidents
Explanation:
There are many PPE standards and all must ensure that the PPE meet their standards and they provide face protection and the eye protection and the other additional protection
The need to check the standard is completely voluntary and they must make clear that they are under the safety conditions and there are some items that the must pay for is for their boots and shoes the safety glasses and the safety googles
Solution:
Let's start by assuming that the taxi ride demand is extremely elastic, to the extent that it is vertically sluggish! If the cabbies raise the fair price by 10% from 10.00 per mile to 11.00 per kilometre, the number of riders remains 20.
Total income before fair growth= 20* 10= 200.
Total income following fair growth = 11* 20= 220.
A 10% increase in the fare therefore leads to a 10% increase in the driver's revenue.
Therefore, the assumption in this situation is that the cab drivers think the taxi driving requirement is highly inelastic.
The demand curve facing the drivers of the cab is still inelastic, but not vertically bent.
When the rate increased from 10% to 11, riders declined from 20% to 19%
Total revenue before fair growth is 20* 10= 200
The gap between revenue and fair growth is 19* 11= 209
This means that a realistic 10% raise doesn't result in a 10% boost on income Because the market curve for taxi rides is not 100% inelastic, but rather low inelastic, so that a fair increase (control) allows consumers to lose their incomes.
