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Komok [63]
3 years ago
12

A. On April 1, the company hired an attorney for a flat monthly fee of $500. Payment for April legal services was made by the co

mpany on May 12.
b. As of April 30, $2,007 of interest expense has accrued on a note payable. The full interest payment of $6,020 on the note is due on May 20

c. Total weekly salaries expense for all employees is $14,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3.

The above three separate situations require adjusting journal entries to prepare financial statements as of April 30.

For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. (Do not round intermediate calculations.)
Business
1 answer:
uranmaximum [27]3 years ago
8 0

Answer and Explanation:

The journal entries are shown below:

1   Legal fees expense $500

            To Legal fees payable $500

(Being accrued expense is recorded)  

2 Legal fees payable $500

        To Cash $500

(Being amount paid is recorded)  

3   Interest expense $2,007

          To Interest payable $2,007

(Being accrued interest is recorded)  

4 Interest payable $2,007

  Interest expense  $4,013  

            To Cash $6,020

(Being interest paid is recorded)  

5   Salaries and wages expense $11,200

         To Salaries and wages payable $11,200

(Being accrued expense is recorded)  

6 Salaries and wages payable $11,200

  Salaries and wages expense $2,800

                   To Cash $14,000

(Being salaries and wages paid is recorded)  

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Answer: Resellers

Explanation:

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3 years ago
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At April 30, Pina Colada Corp. has the following bank information: Cash balance per bank $7600 Outstanding checks $460 Deposits
faust18 [17]

Pina adjusted cash balance on April 30 is $ 6,685

Solution:

Given,

As of April 30, Pina Colada Corp. has the following bank information:

Cash balance per bank               $7600

Outstanding checks                     $460

Deposits in transit                         $900

Credit memo for interest              $15

Bank service charge                     $30

Now  To find Pina adjusted cash balance on April 30 :

Adjusted Cash Balance Formula is : Cash balance + Notes receivable - Check Printing - NSF Check

Adjusted Cash Balance =  $7600+  $15  - $30 - $900

Adjusted Cash Balance = $ 6,685

Pina adjusted cash balance on April 30 is $ 6,685

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3 years ago
According to the enotes, what do you call inventory that is readily available on the retail shelf?
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Market Inventory is the inventory that is readily available on the retail shelf. Both the products that are on hand for sale and the raw materials required to make those products are considered inventory. On the balance sheet of an organization, it is categorized as a current asset. A business should generally avoid keeping a large volume of inventory on hand for an extended period of time.

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2 years ago
You decide to open a bookstore with a wide selection, comfortable seating, and an internal coffee shop because it has worked ver
amid [387]
Yes because you aren’t doing anything special with your bookstore since it is the same as others
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3 years ago
Based on its perceived riskiness, the annual required rate of return is 11.5% for shares of Cyberdyne Inc. The company just paid
Ugo [173]

Answer:

the  estimated price of the stock in 5 years, using the Dividend Discount Model is $216.38

Explanation:

The calculation of the estimated price of the stock in 5 years is given below:

= 5th Year dividend ÷ (Required return - Growth Rate)

Dividend at year 5 should be

=Dividend at year 0 × (1 + Growth Rate)^5          

= $8.69 × (1.061)^5 ÷ (0.11.5 - 0.061)

= $216.38

Hence, the  estimated price of the stock in 5 years, using the Dividend Discount Model is $216.38

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