A pension liability is reported when ______

Pamper Me Salon Inc.’s general ledger at April 30, 2017, included the following: Cash $5,000, Supplies $500, Equipment $24,000,

seraphim [82]

The beginning balances should be entered in the general ledger as of April 30, 2017, as

follows:

A. Beg. Bal

Supplies

(Beg. Bal 500]

Equipment,

[Beg.Bal___ 24000]

‘Accounts Payable

72100 Beg. Bal

Notes Payable

110000 Beg. Bal

neared Service Revenue

1000 Beg. Bal

Common Stock

‘5000 Beg. Bal

Retained Earnings

11400 Beg. Bal

D.

Prepare the trial balance as follows:

PM Salonine.

Trial Balance

As on May 31, 2017

Account Titles Debit ($) Credit ($)

Cash 5100

Supplies 1200

Equipment 24000

‘Accounts Payable 1200

Unearned Service Revenue 1200

Notes Payable 10000

Common Stock 5000

Retained Earnings 11400

Service Revenue 6000

Salaries Expense 2400

Rent Expense 1000

Advertising Expense 500

Utilities Expense 400

Interest Expense 50

Income Tax Expense 150

Total 34800-34800

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6 0

1 year ago

Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes ar

choli [55]

Answer:

1. $4,100

2a. Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Dr Income tax payable $33,926

Cr Cash $33,926

Explanation:

1. Calculation to Determine the amount of the accounting adjustment

Income tax payable for quarter 4 $33,926

Less: Unadjusted balance in Income tax payable account $29,826

Accounting adjustment to be done as on Dec 31 $4,100

2a. Preparation of journal entries to record December 31

Adjustment to the Income as on Dec 31

Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Preparation of the Journal entry to record later January 20 payment of the fourth-quarter taxes.

January 20 payment of the fourth-quarter taxes.

Dr Income tax payable $33,926

Cr Cash $33,926

3 0

3 years ago

Acme Enterprises began the new year owing its suppliers $3,000 for merchandise purchased last year. Acme then sold half of this

Sedaia [141]

Answer:

Acme's current balance of accounts payable is $6000

Explanation:

The closing balance of accounts payable can be calculated using the opening balance and adjusting the changes during the period to the opening balance.

The closing balance can thus be calculated as:

Closing balance = Opening balance + Credit purchases - Payment to Accounts payable

Closing balance = 3000 + 4000 - 1000

Closing balance = $6000

8 0

3 years ago

The M-N plant manufactures two different products: M and N. Selling prices and weekly market demands are shown in the following

tamaranim1 [39]

The answers to the question are:

The machine that is the constraint is the machine c.
The product m = 80 units and n = 80 units
Net profit = $3600

<h3>1. How to solve for the constraint of the machine</h3>

We have to solve for the workload of the machines

For A. 20*100 = 2000

For B, 5 * 100 + 10 *80

= 500 + 800 = 1300

For Machine C = 15 * 100 + 15 * 80

= 1500 + 1200

= 2700

The time at the workstation in c is more than the constant time of 2400, hence the constraint that we have is machine c.

b. 2400- 1200 = 1200

The product mix would be 1200/15

= 80

Hence the product mix m = 80 units and that of n = 80 units

<h3>c. The total net profit</h3>

80*$90 = 7200 , 80 * 105 = 8400

7200 + 8400

= 15600

The net profit = 15600 - 12000

= $3600

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7 0

1 year ago

Which of the following choices is NOT one of the reasons cost-plus pricing is so popular? a) It captures the full price that cus

mylen [45]

Answer: a) It captures the full price that customers might be willing to pay for a product.

Explanation:

The cost-plus pricing method involves using the total cost to come up with a selling price by simply adding a markup that the company would like as profit to the total cost of the product per unit and then selling it at that price.

It is easy to justify to stakeholders, simplifies pricing processes and is quite easy to measure or estimate.

It however does not capture how much a customer may be willing to pay for for a good as it is based on the company's expenses and preferred profit.

6 0

3 years ago

A pension liability is reported when _______.