Rice co. salaried employees are paid biweekly. advances made to employees are paid back by payroll deductions. information relating to salaries follows: 12/31/yr 1 12/31/yr 2 employee advances $24,000 $ 36,000 accrued salaries payable 40,000 ? salaries expense during the year 420,000 salaries paid during the year (gross) 390,000 in riceās december 31, year 2, balance sheet, accrued salaries payable was:
Answers: 2
Business, 22.06.2019 06:10
P11.2a (lo 2, 4) fechter corporation had the following stockholdersā equity accounts on january 1, 2020: common stock ($5 par) $500,000, paid-in capital in excess of parācommon stock $200,000, and retained earnings $100,000. in 2020, the company had the following treasury stock transactions. journalize and post treasury stock transactions, and prepare stockholdersā equity section. mar. 1 purchased 5,000 shares at $8 per share. june 1 sold 1,000 shares at $12 per share. sept. 1 sold 2,000 shares at $10 per share. dec. 1 sold 1,000 shares at $7 per share. fechter corporation uses the cost method of accounting for treasury stock. in 2020, the company reported net income of $30,000. instructions a. journalize the treasury stock transactions, and prepare the closing entry at december 31, 2020, for net income. b. open accounts for (1) paid-in capital from treasury stock, (2) treasury stock, and (3) retained earnings. (post to t-accounts.) c. prepare the stockholdersā equity section for fechter corporation at december 31, 2020.
Answers: 1
Business, 22.06.2019 09:00
According to this excerpt, a key part of our national security strategy is
Answers: 2
Business, 22.06.2019 11:00
The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?
Answers: 1
Business, 22.06.2019 16:00
Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?
Answers: 1
Rice co. salaried employees are paid biweekly. advances made to employees are paid back by payroll d...
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