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nikklg [1K]
3 years ago
5

At April 30, Marigold Corp. has the following bank information: Cash balance per bank $5400 Outstanding checks $330 Deposits in

transit $650 Credit memo for interest $10 Bank service charge $20 What is Marigold adjusted cash balance on April 30
Business
1 answer:
aivan3 [116]3 years ago
7 0

Answer:

$5,720

Explanation:

Calculation to determine What is Marigold adjusted cash balance on April 30

MARIGOLD CORP Adjusted cash balance on April 30

Cash balance per bank $5400

Less:Outstanding checks ($330)

Add: Deposit in transit $650

Adjusted cash balance. $5720

($5400-$330+$650)

Therefore Marigold adjusted cash balance on April 30 is $5,720

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Pina Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each emplo
Andrew [12]

Answer:

2019

Dr Salaries and wages expense 9,680

Cr Salaries and wages payable 9,680

Dr Salaries and wages expense 6,160

Cr Salaries and wages payable 6,160

Dr Salaries and Wages Payable 3,520

Cr Cash 3,520

2020

Dr Salaries and wages expense 10,560

Cr Salaries and wages payable 10,560

Dr Salaries and wages expense 6,720

Cr Salaries and wages payable 6,720

Dr Salaries and wages expense

800

Dr Salaries and wages payable 8,800

Cr Cash 9,600

Dr Salaries and Wages Expense 240

Dr Salaries and Wages Payable 5,520

Cr Cash 5,760

B. 2019 $10,410

2020 $12,175

Explanation:

(a) Preparation of journal entries to record transactions related to compensated absences during 2019 and 2020

2019

Dr Salaries and wages expense 9,680

Cr Salaries and wages payable 9,680

(10 employees * $11.00/hr. * 8 hrs./day * 11 days)

(Being to record accrue expense and liability for vacation)

Dr Salaries and wages expense 6,160

(10 employees * $11.00/hr. * 8 hrs./day * 7days)

Cr Salaries and wages payable 6,160

(Being to record accrue expense and liability for sick pay)

Dr Salaries and Wages Payable 3,520

Cr Cash 3,520

(10 employees * $11.00/hr. * 8 hrs./day*4 days)

2020

Dr Salaries and wages expense 10,560

(10 employees * $12/.00/hr. * 8 hrs./day * 11 days)

Cr Salaries and wages payable 10,560

(Being to accrue expense and liability for vacation)

Dr Salaries and wages expense 6,720

Cr Salaries and wages payable 6,720

(10 employees * $12.00/hr. * 8 hrs./day * 7 days)

(Being to record accrue expense and liability for sick pay)

Dr Salaries and wages expense

800

(9,600-800)

Dr Salaries and wages payable 8,800

(10 employees * $11.00/hr. X 8 hrs./day *10days)

Cr Cash 9,600

(10 employees * $12.00/hr. * 8 hrs./day X 10days)

(Being to record vacation time period))

Dr Salaries and Wages Expense 240

(10 employees * ($11-12) /hr. * 8 hrs./day * (7-4) last yr)

Dr Salaries and Wages Payable 5,520

(10 employees * $11.00/hr. * 8 hrs./day * (7-4) days) + (10 employees * $12.00/hr. * 8 hrs./day *(6-3) days)

=(2,640+2,880=5520)

Cr Cash 5,760

(10 employees * $12.00/hr. * 8 hrs./day * 6 days)

(Being to record sick leave paid)

B) Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020

1. December 31, 2019

10 employees * $11.83/hr. * 8 hrs./day * 11 days =$10,410

2. December 31, 2020

10 employees * $11.83/hr. * 8 hrs./day * 1 day =$946

Add: 10 employees * $12.76/hr. * 8 hrs./day * 11 days = 11,229

Total $12,175

($11,229+$946)

Therefore the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 will be $10,410 and 2020 will be $12,175

5 0
3 years ago
"Discuss the financial and operational implications for airlines as they try to offer the newest technology services?"
Oksana_A [137]

Answer with Explanation:

The introducing of newest technology would definitely have financial and operational implications. These implications are given as under:

Financial implications

  • Cost Reduction: The operational costs would be reduced by investing in the newest technology which will make the cash flow position better with time.
  • Benefits Lost Risk: It is possible that the investment might not bring value to the company because of any emergent problems, whose mitigation requires incurring of additional costs.
  • Cost Advantage: The lower operational cost can drive higher sales because the company will be charging lower fare prices to its customer thus giving Cost Advantage.
  • Investing in newest technology might not bring value to the company because it is not attracting potential customers but it might pay off later in the form of developed customer loyalty.

Operational implications

  • Implementing a newest technology might improve the operational processes through which the customer go through, which would increase the customer satisfaction.
  • Implementation problems of newest technology.
  • Long term Customer retention will easy for the airline company due increased customer satisfaction.
  • Operational efficiencies related to services will process the customer fastly saving the companies precious time wasted in these process thus reducing the future human resource cost.
  • Using robots might bring adverse marketing because the people might think that the human resource are no more required and risks associated with the acceptance of technology due to cultural differences.
  • Better Security systems would increase the security level and safety levels for the customers.
7 0
3 years ago
Which of the following is not true in regard to selling fixed assets?
hichkok12 [17]
Your answer is C. Accumulated Depreciation will be credited. :D
5 0
3 years ago
Which of the following are true about productive efficiency? I. All available resources are employed in production. II. Workers
dalvyx [7]

Answer:

III. Points on the PPF curve are the only ones that achieve "productive efficiency"

Explanation:

What is true about productive efficiency is that Points on the PPF curve are the only ones that achieve "productive efficiency".

Productive efficiency is an economic term that is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.

For it to be said that an economy is productively efficient means the economy must be producing on its production possibility frontier

Hence productive efficiency happens when production is reportedly occurring along a production possibility frontier (PPF).

7 0
3 years ago
A company is offering perpetual preferred stock (its dividend payments last forever) with a fixed annual dividend of $100. If yo
sukhopar [10]

Answer:

833.33

Explanation:

The fixed annual dividend is $100

The required rate of return on this investment is 12%

Therefore the value for each share can be calculated as follows

= 100/(12/100)

= 100/0.12

= 833.33

Hence the value for each share is 833.33

8 0
3 years ago
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