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3 years ago

The journal entry a company uses to record accrued vacation privileges for its employees at the end of the year is:________.

Business

1 answer:

Lilit [14]3 years ago

6 0

Answer:

C. debit Vacation Pay Expense; credit Vacation Pay Payable

Explanation:

In as much as the name implies, debit vacation pay expense of the said worker is moved to his/her credit vacation pay payable. And cases like this comes up when the said worker is about to go on a vacation. This vacation pay expense is been considered a liability because it causes depreciation in equity.

Therefore accrued vacation privileges of an employer are times in which a worker has to go on a free working period that in some cases can be a vacation which deals with a debit Vacation Pay Expense; credit Vacation Pay Payable by the end of the year.

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Steelweld, a car parts manufacturer, pays employees a higher hourly rate as they learn to master more parts of the work process.

Reptile [31]

Answer:

<u>The correct answer is A. Skill-based pay.</u>

Complete question and statement: Steelweld, a car parts manufacturer, pays employees a higher hourly rate as they learn to master more parts of the work process. Employees earn $10 per hour when they are hired and they can earn up to $20 per hour if they master all 12 work units in the production process. Which of these reward systems is being applied by Steelweld?

A. Skill-based pay

B. Piece-rate pay

C. Job evaluation system

D. Seniority-based pay

E. Membership-based pay

Source: https://www.coursehero.com/file/p6jelia/p-166-Steelweld-a-car-parts-manufacturer-pays-employees-a-higher-hourly-rate-as/

Explanation: It is perfectly clear that this car parts company is promoting the development of skills during the production process. The employee knows in advance that as he or she develops a greater number of skills, he or she will have a better pay. The formula for a better payment is disclosed.

7 0

3 years ago

Consider three investment plans at an annual rate of 9.38%.

PolarNik [594]

Answer:

Investor A = $545216 .

Investor B = $352377

Investor C = $897594

Explanation:

Annual rate ( r ) = 9.38%

N = 41 years

<u> Calculate the balance at age of 65</u>

1) For Investor A

balance at the end of 10 years

= $2000 (FIA, 9.38 %, 10) (1 + 0.0938) ≈ $33845

Hence at the end of 65 years ( balance )

= $33845 (FIP, 9.38 %, 31) ≈ $545216 .

2) For investor B

at the age of 65 years ( balance )

= $2000 (FIP, 9.38%, 31) = $322159 x (1 + 0.0938) ≈ $352377

3) For Investor C

at the age of 65 years ( balance )

= $2000 (FIP, 9.38%, 41) = $820620 x (1 + 0.0938) ≈ $897594

7 0

2 years ago

Imagine you are making a $1000 purchase with different payment options. Which of the following

Tomtit [17]

The payment option that pays the LEAST is <u>B. B. 10% APR, with 12 monthly payments,</u> as it pays back a total of $1,008.33, for borrowing $1,000.

<h3>How to calculate payment options:</h3>

Payment options can be computed using an online finance calculator as follows:

The option that pays the least total cost should be chosen.

<h3>Data and Calculations:</h3>

Loan payment = $1,000

A. 8% APR, no payments for the first 6 months, then 6 monthly payments:

Amount after 6 months = $1,040 ($1,000 + $1,000 x 0.08 x 1/2)

N (# of periods) = 1

I/Y (Interest per year) = 8%

PV (Present Value) = $1,040

FV (Future Value) = $0

<u>Results:</u>

PMT = $174.49

Sum of all periodic payments = $1,046.93 ($174.49 x 6)

Total Interest =$46.93 ($40 + $6.93)

B. 10% APR, with 12 monthly payments:

N (# of periods) = 1

I/Y (Interest per year) = 10%

PV (Present Value) = $1,000

FV (Future Value) = $0

<u>Results:</u>

PMT = $84.03

Sum of all periodic payments = $1,008.33

Total Interest = $8.33

C. 12% APR, with 6 monthly payments:

N (# of periods) = 1

I/Y (Interest per year) = 12%

PV (Present Value) = $1,000

FV (Future Value) = $0

<u>Results:</u>

PMT = $168.33

Sum of all periodic payments = $1,010.00

Total Interest $10.00

Thus, the payment option that pays the LEAST is <u>Option B</u>.

Learn more about periodic payments at brainly.com/question/24244579

4 0

2 years ago

Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2

ehidna [41]

Answer:

April 2

Inventory 4,600 debit

Account Payable 4,600 credit

April 3

freight-in 300 debit

cash 300 credit

April 4

account payable 600debit

Inventory 600credit

April 17

Account Payable 4,000debit (4,600 - 600)

Discount 80debit (4000 * 2%)

Cash 3,820credit

April 18

Inventory 8,500 debit

Account Payable 8,500 credit

April 21

Account Payable 1,100debit

Allowance Inventory 1,100

April 28

Account Payable 7400debit (8,500 - 1,100)

Discount 148debit (7400 * 2%)

Cash 7252credit

5 0

3 years ago

The demand function for widgets is given by D(P) 16 2P. Compute the change in consumer surplus when the price of a widget increa

eduard

Question: The demand function for widgets is given by D(P) = 16 − 2P. Compute the change inconsumer surplus when price of a widget increases for $1 to $3. Illustrate your result graphically

Answer:

For price of a widget equal to $1 consumer surplus is

D(1) = 16 - 2(1) = 14

CS₁ = ½ × (8 – 1) × D(1) = ½ × 7 × 14 = 49.

When price is equal to $3 consumer surplus is

D(3) = 16 - 2(3) = 10

CS₃ = ½ × (8 – 3) × D(3) = ½ × 5 × 10 = 25

8 0

3 years ago