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
kogti [31]
4 years ago
11

Total weekly salaries expense for all employees is $10,000. 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. Prepare the required adjusting entry, if any.
Business
1 answer:
larisa86 [58]4 years ago
3 0

Answer:Please see answer in explanation column

Explanation:

A) Journal to record accrued salaries on April 30, which is a pay day

Date             Accounts                       Debit                      Credit

April 30    Salaries expense             $4000  

                Salaries Payable                                               $4,000

Calculation:

salaries expense = Principal amount x period  (which fell on tuesday)

= 10,000 x 2/5 = $4,000

b) Journal to record accrued salaries on April 30 and current salaries on May 3

Date             Accounts                       Debit                      Credit

May 3    Salaries      Payable        $4000  

                Salaries expense           $6,000

                   Cash                                                               $10,000

Calculation:

salaries expense = Principal amount x period(remaining 3 day work period)

= 10,000 x 3/5 = $6,000

You might be interested in
Break-Even for a Service Firm Jonah Graham owns and operates The Green Thumb Company (GTC), which provides live plants and flowe
kenny6666 [7]

Answer:

The company should provide, in average, 90 jobs per month in order to break even.

Explanation:

We will assume that the variable costs are proportional to the quantity and thus VC=a*Q

the profit obtained is

profit = P*Q  , (Price [$/job] * Jobs sold [jobs])

and the total costs are

total costs= FC+VC = FC + a*Q , FC=fixed costs

in order to break even the quantity sold should be enough to cover all costs, therefore

profit = total costs

P*Q = FC + a*Q → Q= FC/(P-a)

thus

Q= FC/(P-a) = $3240 / ($60/job - $24/job) = 90 jobs

5 0
3 years ago
Max and Alexandra are married and incur $5,500 of qualifying expenses to care for their two children, ages 2 and 5. Max's earned
Sati [7]

Answer:

$5,000

Explanation:

Although the limit for two qualifying children is the lesser of $6,000 or the actual expenses, the earned income limitation may apply. The amount of qualifying expenses can not exceed the earned income of the spouse with the lesser earned income, in this case, $5,000 .

Which is why the amount of the qualifying expenses for purposes of computing the child and dependent care credit is $5,000

3 0
3 years ago
Corporate Bond A returns 5 percent of its cost in PV terms in each of the first five years and 75 percent of its value in the si
melamori03 [73]

Answer:

Explanation:

Only II & IV

6 0
3 years ago
You are speaking to a group of consumers about ways to use food labels to choose healthy foods in the grocery store. during your
Mariana [72]
<span>I would emphasize the ease of use. Consumers in a grocery store are regularly bombarded with visual stimulation, from brightly colored packaging to flashy statements, none of which are indicators of a healthy food. But by simply turning the package around and looking at the food label, one can quickly compare and deduce the health value of food as the labels are uniform and easy to read. Allowing the consumer to select the food that best for them, rather than the simply the most appealing package.</span>
3 0
4 years ago
Why is it important for managers to pay close attention to their organization’s production system if they wish to be responsive
Marina86 [1]

Explanation:

The production system consists of all integrated activities and operations for the production of goods and services.

Organizational capacity is measured by the set of effective actions of coordination and control of the production system. Therefore, active management of systems monitoring will determine key factors for better meeting consumer demands and needs through continuous improvement in the quality of manufacturing processes, innovations, reduction of waste and unnecessary spending, which enables greater transfer to the customer a product with quality and low cost and represents for the organization gains of competitive and strategic advantages.

8 0
3 years ago
Other questions:
  • Mike Corporation uses residual income to evaluate the performance of its divisions. The company's minimum required rate of retur
    10·2 answers
  • A cotton swab manufacturer looked at its abysmal sales figures and conducted an organizational situation analysis. Next, it deci
    13·2 answers
  • n the 1930s, what caused Canada to respond by raising its tax on goods imported from the United States? the Glass-Steagall Act t
    11·1 answer
  • The management of Wengel Corporation is considering dropping product B90D. Data from the company's accounting system appear belo
    15·1 answer
  • Indicate the effect of each transaction during the month of October 20Y8 and the balances for the accounting equation after all
    9·1 answer
  • Based on this module, what option would you choose to prepare your taxes? Why? What is one advantage and one disadvantage to usi
    7·1 answer
  • Goandwin, Inc. 2017 Income Statement Net sales $11,418 Cost of goods sold 6,320 Selling, general, and administrative expenses 2,
    12·1 answer
  • True or False: Living expenses aren't considered startup costs.
    6·2 answers
  • Budgeted costs $320,000 $80,000 $160,000 $240,000 Budgeted maintenance-hours NA 1,000 600 400 Number of employees 40 NA 160 480
    7·1 answer
  • Select the correct answer. what benefit does a 401(k) plan provide over an ira? a. a higher rate of return b. fewer investment o
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!