If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is $840.
For two employees and for two days, the adjustment made was 4 times their per day income.
Total month end adjusting entry will be 2×2×$210 = $840
What is Accounting Period?
- A set period of time, such as a calendar year or fiscal year, is referred to as an accounting period in which income balance of whole month is calculated.
- It is used for performing, aggregating, and analyzing accounting operations.
- The accounting period is helpful for investing because prospective investors can assess a company's success by looking at its financial statements, which are based on a set accounting period.
<h3>What is
Month-End Adjusting Entry?</h3>
- Month-End Adjusting Entry is a record created at the conclusion of an accounting period that allows an income or expense to be recognized in the timeframe in which it is incurred.
- Accruals, deferrals, and estimations are the three forms of Month-End Adjusting Entry that are most frequently used.
<h3>What is Fiscal Year?</h3>
- Companies and governments utilize fiscal years, which are one-year periods, for financial reporting and planning.
- The most typical accounting period utilized to create financial statements is a fiscal year.
- A company's fiscal year is based on 3 determining parameters namely financial reports, external audits, and federal tax filings.
Know more about Accounting Period brainly.com/question/14880780
#SPJ4
<u>Answer:</u>$0
<u>Explanation:</u>
Hansel and Gretel receive $600 as house rent allowance and they pay the same $600 towards the rent for their stay in the manager's apartment. If they live in a different building they would only pay $500 then they could save $100 which is the opportunity cost lost by them.
They do not have a gross income as the income and allowance are equal there is no gross income. They cannot even move on to other building as per the job agreement they have to stay at the manager's house which makes it impossible for them to earn gross income when in this job agreement.
Answer:
a. Encourage others to keep their skill sets current
b. Try to keep your company from adopting new technology
Explanation:
Continuous updating and upgrading one's skills is a sure way of remaining relevant in a rapidly changing work environment. Many organizations are always seeking ways of modernizing their work processes. As companies adopt technology to enjoy increased efficiency, workers without matching skills are declared redundant.
Continuous training and learning are necessary to reduce the possibility of one's skill being declared obsolete. To survive in the new technology era, a worker and his colleagues can embrace and learn to work with new technology or work hard to prevent their company from acquiring it.
Answer:
$102 million and 6.25%
Explanation:
The computation is shown below:
a. For net income
As we know that
Net income = (Earning before interest and taxes - interest) × (1 - tax rate)
where,
EBIT is calculated after finding out the sales, operating cost which is given below:
Sales = $700 million × 1.20 = $840 million
And, the operating costs = 75% × $840 million = $630 million
So, the EBIT is
= $840 million - $630 million
= $210 million
Now the net income is
= ($210 million - $40 million) × (1 - 40%)
= $102 million
2. Now expected growth rate in net income is
= (Latest year Net income ÷ previous year net income) - 1
= ($102 million ÷ $96 million) -1
= 6.25%
Since dividend payout ratio is same so the growth rate in dividend should be equal to the growth rate in net income i.e 6.25%
Answer:
Explanation:
These are competence needs. These needs are based on the idea that a person needs to feel a sense of mastery when they are undertaking tasks at a job. When the manager gives the worker a sense of accomplishment by noticing when they are doing the job well, this is a way of fulfilling those needs.
