Answer and Explanation:
The adjusting entries are shown below
1. Accrued wages expenses
Wages expense Dr XXXXX
To Wages payable XXXXX
(Being the accrued wages is recorded)
For recording this we debited the wages expense as it increased the expense and credited the wages payable as it also increased the liabilities
2. Accrued utilities expenses
Utilities expense Dr XXXXX
To Account payable XXXXX
(Being the accrued utilities expense is recorded)
For recording this we debited the utility expense as it increased the expense and credited the account payable as it also increased the liabilities
3. For adjusting the unearned service revenue
Unearned service revenue Dr XXXXX
To Service revenue XXXXX
(Being the unearned service revenue is recorded)
For recording this we debited the unearned service revenue as it decreased the liability and credited the service revenue as it increased the revenue
Answer:
$20,000
Explanation:
Break-even sales is the point of sales at which the business incur no profit no loss. At this level of sale the business covers all of the variable and fixed cost associated with the product. Break-even is expressed in sales volume and sales value terms.
Current Selling Price = $70
As we know
Sales price = Variable cost + Contribution margin
Sales price = Variable cost ratio + Contribution margin ratio
100% = 40% + Contribution
Contribution = 100% - 40% = 60%
Fixed Cost = $12,000 Per month
Break-even sales = Fixed Cost / Contribution margin ratio
Break-even sales = $12,000 / 60% = $20,000
Bonds have a maturity date, are perpetual, and pay a coupon rate.
Answer:
b. Economic Stimulus Act of 2008
Explanation:
The Economic Stimulus Act of 2008 was enacted during the term of George.W Bush. It was done to help encourage business investments during the recession by granting tax rebates to every taxpayers and consequently increasing disposable income. The Economic Stimulus Act of 2008 granted tax rebates of the lesser of net income tax liability or $600 to every taxpayer and $1200 to tax paying couples who filed their taxes jointly.
