Answer:
John is guilty of Wage Theft.
Explanation:
Wage theft is referred to as the denial of wages or employee benefits rightfully owed to an employee. It can be demonstrated by employers of labor in various ways, among them is failing to pay overtime; violating minimum-wage laws; illegal deductions in pay; forcing employees to work "off the clock", not paying annual leave or holiday entitlements, or simply not paying an employee at all.
Answer:
(b) After-closing balance in the Retained Earnings account on December 31, Year 1,
Total Stockholder's equity = Total assets - Total liabilities
= $220,000 - $66,000
= $154,000
After-closing balance of Retained Earnings = Total Stockholder's equity - Common stock
= $154,000 - $110,000
= $44,000
(a) Before-closing balance in the Retained Earnings account on December 31, Year 1.
Net Income = Revenue - Expenses
= $40,000 - $23,000
= $17,000
Before-closing balance of Retained Earnings:
= After-closing balance of Retained Earnings + Dividend paid - Net Income
= $44,000 + $3,200 - $17,000
= $30,200
(c) Before-closing balances in the following accounts:
Revenue = $40,000
Expenses = $23,000
Dividend = $3,200
(d) After-closing balances in the following accounts:
Revenue = $0
Expenses = $0
Dividend = $0
Because revenue and expenses are transferred to income statement and dividend are transferred to retained earnings.
Im pretty sure the answer is A but it might be C
but i think its A
hope this helps
Answer:
J. Gladwin has a capital balance = $106,000
R. Selleck has a capital balance = $94,000
The Journal entry is as follows:
On October 1,
J. Gladwin Capital A/c Dr. $53,000
To R. , Capital $53,000
(To record admission of R.)
Working Notes:
J. Gladwin Capital:
= Capital balance of J. Gladwin ÷ 2
= $106,000 ÷ 2
= $53,000
Therefore, the J. Gladwin capital is $53,000.