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Delvig [45]
3 years ago
7

In its first year of operations, Jetway Airlines incurred and paid Salaries Expense of $40 million. On December 31, it accrued a

n additional Salaries Expense of $2 million. What should Jetway report in the income statement and balance sheet for its first year ended December 31?
Business
2 answers:
allochka39001 [22]3 years ago
8 0

Answer:

<em>Income statement :</em>

Salaries Expense (40+2)                                $42 million

<em>Balance sheets:</em>

Accrued Salaries                                           $2  million

Explanation:

According to the matching concept revenue earned for a particular accounting period should be reported (in the income statement) alongside all the expenses incurred to generate them.

Sometimes, some expenses for which value and benefit had been received would remain unpaid. So the accrual concepts states that such expenses should be recognised as liabilities in the balance sheet.

Apply these two concepts to Jetway Airlines

On December 31st,

<em>Income statement </em>

Salaries Expense (40+2)                                $42 million

<em>Balance sheets</em>

Accrued Salaries                                           $2  million

exis [7]3 years ago
4 0

Answer:

In the income statement is must report a salaries expense of $42 million.

In the balance sheet is must report a liability - salaries payable of $42 million.

Explanation:

The company actually incurred in $42 million in salaries expenses, so they should be included in the balance sheet. Since the company only paid $40 million in salaries, it still owes $2 million. So it must report that amount as a current liability.

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How are passwords stored on your personal computer?
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3 years ago
According to Goldratt: Two activities scheduled to be carried out sequentially and using the same scarce resource benefit from h
zimovet [89]

Answer:

Two activities scheduled to be carried out in parallel and using the same scarce resource are independent.

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2 years ago
Holliman Corp. has current liabilities of $407,000, a quick ratio of 1.90, inventory turnover of 4.50, and a current ratio of 3.
Sati [7]

Answer:

Cost of goods will be $4670325

Explanation:

We have given current liabilities = $407000

A quick ratio = 1.90

Current ratio is 3.40 and inventory turnover = 4.50

We know that current ratio is the ratio of current assets and current liabilities

So 3.4=\frac{current\ assets}{current\ liabilities}

So current assets = $1383800

Now quick ratio is equal to = \frac{current\ assets-inventory}{curtrent\ liabilities}

So 0.85=\frac{1383800-inventory}{407000}\\

Inventory = $1037850

Inventory turnover is given 4.5

So 4.5=\frac{cost\ of\ goods\ sold}{average\ inventory}

4.5=\frac{cost\ of\ goods\ sold}{1037850}

So cost of goods sold = 4.5×$1037850 = $4670325

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