Answer:
Debit Salary Expense $16,890
Credit Salary Payable $16,800
Explanation:
Accrued expenses are recognised at the end of an accounting period in obedience to the accrual method. All revenues and expenses are to be recognised when they are earned or incurred. The salaries that had accrued at the end of June will have to be recognised by debiting Salary Expense.
The next salary of $24,000 will be paid on July 3. The normal period for payment is 7 days. Days till pay is 7+3 days from July= 10days
$24,000 is payable in 10 days
$ x (accrued wages) will be payable in 7 days
Cross-multiply
$ x= 24,000*(7/10)
$ x= $16,800
Answer:
Value of preferred stock will be $140
Explanation:
We have given par value of preferred stock = $100
Dividend rate = 14 %
Discount rate on preferred stock = 12%
Preferred stock dividend
We have to find the value of preferred stock
Value of preferred stock
So value of preferred stock will be $140
Answer:
amount loaned at 8% interest is $11.60
Explanation:
given data
loan = $12,000
rate = 8% per year = 0.08
other rate = 18% per year = 0.18
interest receive = $1000
solution
we first consider here amount for loaned at 8% = x
so here amount for loaned at 18% will be = $12,000 - x
so we can say interest received equation will be here as
$1,000 = (0.08)x + (0.18)($12,000 - x)
solve it we get
x = $11.600
so amount loaned at 8% interest is $11.60
Answer:
$16 million each year
Explanation:
According to the scenario, computation of the given data are as follow:-
We can calculate the Effect on Earnings in the Year After the Option are Granted by using following formula:-
Award’s Fair Value = Purchase Granted Option × Fair Value Per Option
=$16 million × $3
=$48 million
N Corporation granted executive stock option plan equally over the 3 years (Jan.1,2018 to Dec.31,2020) vesting date, reducing earning is
= Award’s Fair Value ÷ vesting years
= $48 million ÷ 3 years
= $16 million each year
Answer:
The multiple choices are:
A) Deduct the check amount from the book balance of cash.
B) Add the check amount to the book balance of cash.
C) Deduct the check amount from the bank balance.
D) Add the check amount to the bank balance
The correct option is c,deduct the check amount from the bank balance
Explanation:
The check of $712 was already deducted from the cash balance in the cash book when issued,in order to reflect in the bank balance too,it would be appropriate to deduct from the bank balance so as to have a like-for-like situation.
This implies that the accountant at Clanton industries would begin bank reconciliation with bank balance in order to arrive at cash balance not the other way round.