1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
rewona [7]
2 years ago
12

Zen Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $47,000. The accountant preparing the

payroll entry overlooked the fact that Salaries and Wages Expense of $20,000 had been accrued at year end on December 31. The correcting entry is ___
Business
1 answer:
hram777 [196]2 years ago
4 0

Answer:

Salaries and wages payable...................Dr                    $20,000

                                      Salaries and wages expense                  $20,000

Explanation:

As per accrual system, an expense is incurred when it is accrued irrespective of when it is paid. So, $20,000 was accrued in December 31, salary and wages expenses would have been debited then amounting to $20,000.

In order to rectify the mistake of double counting, the entry passed by the accountant would be reversed to nullify the effect.

Adjusting Journal entry:

Particulars                                            Debit              Credit

Salaries and wages payable               $20,000

                 Salaries and wages expense                    $20,000

(Being double counting of salaries and

wages expense rectified)

You might be interested in
Ben works at a top accounting firm in Salt Lake City and his responsibilities include developing reports for each salesperson, p
kipiarov [429]

Answer:

Information granularities

Explanation:

Information granularities refers to the level of detail used in modelling of situations or straight decision making process.

It also refers to the extent of detail within the information (fine and detailed or coarse & abstract).

3 0
3 years ago
Moorman Corporation has an activity-based costing system with three activity cost pools--Processing, Setting Up, and Other. The
Svetlanka [38]

Answer:

<em>Overhead</em><em>:</em>

Other           18,750

Setting up   13,200

Processing 34,850

Explanation:

We multiply each activity cost pool by the rate of each department, then we add them to get the total overhead per department:

<u><em>Processing</em></u>

Depreciation: 55% x 59,000 = 32,450

Indirect labor: 30% x   8,000 =<u>   2,400  </u>

Total:                                           34,850

<u><em>Setting Up</em></u>

Depreciation: 20% x 59,000  =  11,800

Indirect labor: 20% x   8,000  =<u>   1,600  </u>

Total:                                            13,200

<u><em>Other</em></u>

Depreciation: 25% x 59,000  =  14,750‬  

Indirect labor: 50% x   8,000  =<u>  4,000  </u>

Total:                                           18,750

4 0
3 years ago
Ultimate Corporation uses a standard cost system for the production of its water ski radios. The direct labor standard for each
andre [41]

Answer:

Direct labor rate variance= $594 unfavorable

Explanation:

Giving the following information:

The standard direct labor cost per hour is $7.20.

During August, Zanny's water ski radio production used 6,600 direct labor-hours at a total direct labor cost of $48,708.

<u>To calculate the direct labor rate variance, we need to use the following formula:</u>

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 48,078/6,600= $7.29

Direct labor rate variance= (7.20 - 7.29)*6,600

Direct labor rate variance= $594 unfavorable

6 0
3 years ago
Meili's employer distributes checks at the end of each quarter, representing an equitable portion of 5 percent of the company's
Goryan [66]

Answer:

profit sharing

Explanation:

profit-sharing plan can be regarded as retirement plan which is designed to let an employee to have a share in the profits of a firm. In this particular plan some percentage of the profit made by the company,firm can be received by the employee using the quarterly or annual earnings of the employee as the basis.

6 0
2 years ago
In July 2008, the average price of gasoline in the United States was $4.09 per gallon and consumers bought 6 percent less gasoli
Basile [38]

Answer:

PED= 0.1571

Explanation:

The price elasticity of demand (PED) indicates how the quantity demanded change when the price changes. Is defined by this equation:  

Price Elasticity of Demand = Percentage change in Q/ Percentage change in P  

In this case, the problem is giving percentage changes in Q but we must calculate the percentage change in price:

%Change in price = ( p2-p1/p1)*100= ($4.09-$2.96)/$2.96= 0.3817*100=38.17%

%Change in quantity is= -6%

PED= -6%/38.17%

In absolute value:

PED= 0.1571

If the PED is less than 1 then gasoline is considered as inelastic.

6 0
3 years ago
Other questions:
  • If company managers want to pursue cost-saving actions that can potentially result in their company achieving a sustainable cost
    12·1 answer
  • In 2005, Anthara Inc. acquired Sathya Inc. for $1,200 million when the fair value of net assets (assets minus liabilities) of Sa
    10·1 answer
  • The following cost data pertain to the operations of Rademaker Department Stores, Inc., for the month of March: Corporate headqu
    6·1 answer
  • Cully Furniture buys two products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100
    8·1 answer
  • Drag the tiles to the correct boxes to complete the pairs.Match the specifications to the criteria that the bank looks into befo
    7·1 answer
  • What are the three main decision-making types discussed in the article? (Site 1)
    11·1 answer
  • Several years ago, Cayuga Capital acquired a $1 million insurance policy on the life of its chief executive officer, naming Cayu
    8·1 answer
  • The Pizza Company is considering a new three-year expansion project. The key data are shown below:
    13·2 answers
  • Some __________ ask members/customers to work at the organization for a number of hours a month as part of their duties.
    12·1 answer
  • he complete list of items needed to prepare a statement of cash flows includes ______. Multiple choice question. current year ba
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!