Answer:
$5,120
Explanation:
Workers are paid $12,800 per week (five days), since December 31 fell on a Tuesday, accrued wages payable will be equal to the wages proportional to two days:
= ($12,800 per week / 5 days per week) x 2 days = $2,560 per days x 2 days = $5,120
The appropriate journal entry should be:
December 31st, wages payable:
Dr Wages expense 5,120
Cr Accrued wages payable 5,120
Answer:
Option (B) is correct.
Explanation:
Unit of account:
There are some functions of money or we can say that characterstics of money:
(a) Medium of exchange
(b) Store of value
(c) Unit of account
(d) Standard of deferred payments
Sea shells are precious items but one cannot properly split divide those sea shells into small denominations like money does. Money is easily storable, people use as a medium of exchange and unit of account.
By unit of account we mean that we can easily measure the value of goods and service and many things in monetary terms but we cannot measure in terms of sea shells.
That's why sea shells unfit to act as money today.
When the engineers from FM Global (factory mutual) conduct inspections at industrial facilities, the interest they hired is to protect the companies that insure the properties.
FM Global is one of the global's biggest commercial and business assets coverage and chance management agencies, focusing on assets safety. we've currently ranked #447 on the Fortune 500 list of America's largest companies.
Malcolm C. Roberts is responsible for the strategic and operational direction of FM Global, one of the world's largest industrial property insurers and which insures nearly US$10.2 trillion in business belongings in greater than a hundred thirty international locations.
"FM international" is the communicative name of the organization, while the felony call is "manufacturing facility Mutual coverage organization". FM international has been named the "first-rate property Insurer inside the international” by means of Euromoney mag.
Learn more about FM Global here brainly.com/question/8304017
#SPJ4
Answer:
On October 01, 2017
The amount actually borrowed that is $ 701,000 will be recorded as liability/note payable on october 01, 2017. The following accounting entry will be passed
Debit Cash Asset $ 701,000
Credit Note payable $ 701,000
Interest recognized from October 1 to December 31, 2017
The premium amount paid on redemption will be recorded as interest over the period of time. The interest amount is
Interest = 721,000 -701,000 = $ 20,000
So this above calculated expense will be recognized as an expense over loan period.
Answer:
$3,960
Explanation:
The Borrowed amount is $198,000 on November 1, 2021.
The interest expense at December 31, 2021 is calculated as shown below:
I=PRT
R=12%=0.12
P=$198,000
T=2 Months=(2/12) year
I=198,000*0.12*(2/12)
I=$3960
The correct option will be "B. $3,960."
