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jeka94
2 years ago
13

An adjusting entry was made on year-end December 31 to accrue salary expense of $3,000. Assuming the company does not prepare re

versing entries, which of the following entries would be prepared to record the $6,600 payment of salaries in January of the following year?
a. Salaries Expenses 4,600
Cash 4,600
b. Salaries Payable 4,600
Cash 4,600
c. Salaries Payable 2,000
Cash 2,000
d. Salaries Expenses 2,000
Salaries Payable 2,000
Business
1 answer:
wel2 years ago
5 0

Answer:

Dr Salaries Payable $3000

Dr Salaries Expense $3600

Cr Cash $6600

Explanation:

Preparation of the entries to record the $6600 payment of salaries in January of the following year.

Based on the information given Appropriate journal entries to record the $6600 payment of salaries in January of the following year will be:

Dr Salaries Payable $3000

Dr Salaries Expense $3600

($6600-$3000)

Cr Cash $6600

(To record payment of salaries)

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In a department, 28,000 units are completed and transferred out and 14,400 remain in ending WIP at 85% complete. If an equivalen
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Answer:

The value of materials transferred out is $224,000

Explanation:

The condition for the units for transferred is that they must have been completed 100% with respect to equivalent unit cost,hence the materials transferred out should be valued at full $8.00 per direct material.

The value of materials transferred out=28,000*$8.00

                                                              =$224,000

The value of WIP=$8.00*85%*14,400

                           =$97,920

The closing WIP of $97920  would be the beginning inventory in production next period an would ultimately form part of materials completed and transferred next period.

8 0
3 years ago
A________ is a probable future sacrifice of economic benefits arising from present obligations to transfer assets or provide ser
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Answer:

Liability

Explanation:

A liability is a probable future sacrifice of economic benefits arising from present obligations to transfer assets or provide services as a result of past transactions or events. Liabilities usually result in the outward flow of economic resources. Examples are loan payable, accounts payable, accrued expenses, deferred revenue etc. Liabilities are usually recognized as credit balances in the balance sheet and are classified into current and non-current based on the probable timing of the sacrifice of economic benefits.

3 0
2 years ago
If you get a personal loan, and the bank asks for something to guarantee the loan, the bank is asking for what?
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8 0
3 years ago
Read 2 more answers
George's Equipment is planning on merging with Nelson Machinery. George's will pay Nelson's shareholders the current value of th
zalisa [80]

Answer:

31 per share

Explanation:

The computation of value per share is shown below:-

Share exchange ratio = MPS of Nelson ÷ MPS of George

= $38 ÷ $31

= 1.2258

MPS a + b = MVa + MVb ÷ Number of shares a + Number of shares b × SER

= (1600 × $38) + (4,600 × $31) ÷ 4,600 + (1,600 × 1.2258)

= $60,800 + $142,600 ÷ 4600 + 1,961

= $203,400 ÷ 6,561

= 31 per share

Therefore for computing the value per share we simply applied the above formula.

4 0
3 years ago
Bries Corporation is preparing its cash budget for January. The budgeted beginning cash balance is $19,200. Budgeted cash receip
drek231 [11]

Answer:

$13,400

Explanation:

The movement in cash balance over a period is as a result of receipts and disbursements over the period. This may be expressed mathematically as

Opening balance + receipts - disbursements = closing balance

If the company wants to maintain a desired closing balance, the amount to be borrowed would form part of the receipts

$19,200 + receipts - $190,400 = $31,200

Receipts = $190,400 + $31,200 - $19,200

= $202,400

Given Budgeted cash receipts total $189,000 then amount to be borrowed

= $202,400  - $189,000

= $13,400

5 0
3 years ago
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