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
jeka94
3 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:
wel3 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)

You might be interested in
Recommended methods to protect yourself from identity theft and fraud include_______.
mel-nik [20]

Answer:A

Explanation:

6 0
3 years ago
Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued $35,000,000 of five-year, 12% bon
nlexa [21]

Answer:

Cash proceeds is $37,702,607.23  

First premium amortization $214,869.64

Second premium amortization is $225,613.12

First year interest expense is $ 3,759,517.24  

Explanation:

The amount of cash proceeds from the bond issue is the pv of the bond using the pv formula,=-pv(rate,nper,pmt,fv)

rate is 10% yield to maturity divided 2 since interest is semi-annual i.e 5%

nper is 5 years multiplied by 2=10

pmt is the semi-annual interest payable by the bond i.e $35,000,000*12%*6/12=$2,100,000

fv is the face value of the bond at $35,000,000

=-pv(5%,10,2100000,35000000)

pv=$37,702,607.23  

The amount of premium to be amortized in first semi-annual interest payment:

Interest expense=$$37,702,607.23*10%/2=$1,885,130.36  

coupon interest=$35,000,000*12%/2=$2,100,000

Premium amortized=$2,100,000-$1,885,130.36  

premium amortized=$214,869.64  

The amount of premium to be amortized in second semi-annual interest payment:

interest expense=($37,702,607.23+$2,100,000-$1,885,130.36)*10%/2

                           =$1,874,386.88  

Premium amortized=$2,100,000-$1,874,386.88

premium amortized=$225613.12

Bond expense for the first payment= 37,702,607.23*10%/2  

                                                           =$1,885,130.362

Bond expense for the first payment=  37,487,737.59  *10%/2  

                                                           =$ 1,874,386.88  

First year bond interest expense= 1,874,386.88+1,885,130.362  

                                                      =$ 3,759,517.24  

                                                     

Find attached schedule in addition

Download xlsx
4 0
3 years ago
An agreement to purchase goods and services with a specified percentage of proceeds from an original sale in that country from a
gizmo_the_mogwai [7]

Answer:

B)an offset.

Explanation:

4 0
3 years ago
Suppose that out of the original 100 increase in government spending, 33 will be recycled back into purchases of domestically pr
serious [3.7K]

Answer:

Multiplier effect in the 4th round = 3.58

Explanation:

A change in aggregate demand can create a much greater impact in the equilibrium national income. This is known as the multiplier effect. This occurs when injections of new demand for goods and services into the circular flow of income creates further rounds of spending. For example, if the government spending was on building new affordable houses then the need for housing materials will create demand for wood, cement and other housing supplies. Thus, these businesses will see a rise in sales. Whilst they benefit through profits, their employees would benefit from wages and salaries. As their income rises, they will spend it in the economy, and so will the businesses from their profits. This additional rounds of spending is the multiplier effect.

If a 100 increase creates 33 for the second round, it is 33% (33/100 x 100) i.e. 100 x 33% = 33

This is proven since 33 x 33% = 10.89 in the third round.

Hence, the multiplier effect in the forth round = 10.89 x 33% = 3.58

7 0
3 years ago
An investor with no other positions buys 1 dwq jun 60 call at 3.50. if the investor exercises the call when the stock is trading
miskamm [114]
Answer: $450 profit  
The investor exercised the right to buy the stock for 60 and can sell the stock in the market for 68 for an $8 per-share gain.  
The gain of 8 minus the premium of 3.50 gives the investor a profit of 4.50
(4.50 Ă— 100 = $450).
6 0
3 years ago
Other questions:
  • Which non-verbal facial expression is not recognized worldwide?
    12·2 answers
  • At December 31, 2020, the following information was available for Concord Corporation: ending inventory $35,750, beginning inven
    7·1 answer
  • Babcock Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Plan asset
    14·1 answer
  • When a manager informs employees about the changes taking place in the external and internal environment that will affect them a
    9·1 answer
  • Identify the term that refers to agreements made between researchers and subjects, through the consent process, and how research
    8·1 answer
  • Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $113,700 paid to each employee, and FICA M
    7·1 answer
  • Different classes of stocks are usually issued in order to Group of answer choices maintain ownership control, by holding the cl
    13·1 answer
  • Promotion's goal is to increase the number of employees.<br> Choose the answer.<br> True<br> False
    8·2 answers
  • many of the most important factors that shape a negotiation result do not occur during the negotiation, but occur after the part
    6·1 answer
  • An analyst obtains a market quote for the two-year forward rate two years from now. to derive the next point on a theoretical an
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!