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Cloud [144]
3 years ago
7

Adjusting and paying accrued wages L.O. C1, P1 Pablo Management has seven part-time employees, each of whom earns $205 per day.

They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2011. The end of the year, December 31, 2011 falls on a Monday. The next week, the seven employees worked only four days because New Years Day was an unpaid holiday. All the seven employees are paid as usual on Friday, January 4, 2012.
(a) Prepare the adjusting entry that would be recorded on Monday, December 31, 2011. (Omit the "$" sign in your response.) Date General Journal Debit Credit Dec. 31, 2011
(b) Prepare the journal entry that would be made to record payment of the employees wages on Friday, January 4, 2012. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 4, 2012
Business
1 answer:
Marizza181 [45]3 years ago
7 0

Answer:

1- Wages Expense (Dr.) $1,025

Wages Payable (Cr.) $1,025

2- Wages Expense (Dr.) $1,845

Wages Payable (Cr.) $1,025

Cash (Cr.) $820

Explanation:

Wages expense = $205 * 5 days a week = $1,025 per week.

Wages expense = $205 * 4 days a week = $820 per week.

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An item or resource that has more than is currently being used is said to have a surplus. A surplus can relate to a wide range of things, including money, goods, capital, and profits. A surplus in the context of inventories refers to items that are still on store shelves but have not yet been purchased.

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1 year ago
The basic formula for the price elasticity of demand coefficient is.
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Percentage change in quantity demanded/percentage change in price is the basic formula for the price elasticity of demand coefficient.

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4 0
2 years ago
Once production is completed in all processing departments, production costs are transferred to ______.
Fed [463]
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5 0
2 years ago
On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $100 million. The bonds mature
Sauron [17]

Answer:

The bonds were issued at $87,590,959

Explanation:

The bonds will be issued at the present value of the coupon and maturity discounted by the market rate

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 6,000,000.000 ( 100 million x 6%)

time 30 (2051 - 2021)

market rate 7% = 7/100 = 0.07

6000000 \times \frac{1-(1+0.07)^{-30} }{0.07} = PV\\

PV $74,454,247.1010

PV of the maturity

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity   100,000,000.00

time   30.00

rate  0.07

\frac{100000000}{(1 + 0.07)^{30} } = PV  

PV   13,136,711.72

Total current value of the bonds:

PV coupon  $ 74,454,247.1010

PV maturity  $<u>  13,136, 711.7155 </u>

Total             $87,590,958.8165

8 0
2 years ago
Which is not capital​
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I think D I’m not sure sorry that’s all I can do
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2 years ago
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