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Korolek [52]
2 years ago
12

The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the en

tire week ending on Friday, December 30. The employee earns $800 per day.
Complete the necessary adjusting entry.
Business
1 answer:
Oksanka [162]2 years ago
4 0

Answer:

Date             Account                Dr.           Cr.

Dec 30    Wages Expense     4,000

               Wages Payable           4,000

Explanation:

Employee worked the whole week which ended on Friday, December 30. The adjusting entry will require to record the accrued expense at end of the period. As the last day of period is Saturday, December 31 and he will be paid on Monday January 2. The accrual accounting requires to record an expense at the end of the year if it is incurred even if it is not paid yet.

Payroll expense = $800 x 5 days = $4,000

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If you stare at a red patch and then look at a red apple, will your experience of the redness of the apple be stronger or weaker
Montano1993 [528]
It will be weaker. According to Hering’s opponent-process model, our eyes will experience a certain level of fatigue after observing a certain object for a prolonged period of time. This level of fatigue usually happen only temporarily and you could experience the same level of color distinguish if you let your eyes rest for a while.
7 0
3 years ago
Read 2 more answers
A firm has a capital structure with $3 in equity and $3 of debt. The cost of equity capital is 0.17 and the pretax cost of debt
vampirchik [111]

Answer:10.06 %

Explanation:

WACC = (Cost of equity × weight of equity ) + (Cost of debt × weight of debt)

Cost of equity = 0.17

Cost of debt = pretax cost of debt × (1 - tax rate )

0.06 × 0.52 = 0.0312

Weight of debt and equity = $3 / $6 = $0.5

WACC = ( 0.17 × 0.5 ) + (0.52×0.06 × 0.5) = 0.085 + 0.0156 = 0.1006 = 10.06%

4 0
2 years ago
Plutonic Inc. had $400 million in taxable income for the current year. Plutonic also had a decrease in deferred tax assets of $5
andrew-mc [135]

Answer:

Deferred tax is increased by $130 million

Explanation:

We have given income = $400 million

Company is subject to a tax rate of 40 %

So tax rate = 40 %

So current Tax = $400×40%= $160 Million

Decrease in deferred tax assets of 50 million result in increase in tax expense

Hence total Tax Expense= $160+$50= $210 Million

But it is given that expense is only $80 million

So change in deferred tax is increases by = $210 - $80 = $130

So deferred tax is increases by $130 million

6 0
3 years ago
Vanessa, a single mother, has three children, Mariah (7), Alejandro (12), and Brianna (18). Brianna is a full-time student. Vane
denis23 [38]

The total of Vanessa's Child Tax Credit and Other Dependent Credit, based on her tax liability and children, is $5, 757.

<h3>What is the Child Tax Credit?</h3>

Child Tax Credit is a credit that tax payers are eligible for if they have children who depend on them. The age of the children is such that they have to be below the age of 19.

For every child that qualifies for the Child Tax credit, the tax payer gets a tax credit of $2, 000.

Vanessa has a total of 3 children who are below the age of 19 and so they all qualify which means that Vanessa qualifies for a Child Tax Credit of:

= 2, 000 x 3

= $6, 000

However, the child tax credit cannot exceed the actual tax liability of $5, 757.

Vanessa's Child Tax Credit and Other Dependent Credit is therefore the sum of $5, 757.

Find out more on Child Tax Credit at brainly.com/question/14328499

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3 0
1 year ago
Which of the following is a disadvantage of partnerships compared to sole proprietorships?
GarryVolchara [31]
C. It is sometimes difficult for partners to agree on every business decision.
6 0
3 years ago
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