Business, 23.12.2019 20:31 znewkirk4741

The following three separate situations require adjusting journal entries to prepare financial statements as of april 30. for each situation, present both the april 30 adjusting entry and the subsequent entry during may to record the payment of the accrued expenses. a. on april 1, the company retained an attorney for a flat monthly fee of $3,500. payment for april legal services was made by the company on may 12. b. a $900,000 note payable requires 12% annual interest, or 9,000 to be paid at the 20th day of each month. the interest was last paid on april 20 and the next payment is due on may 20. as of april 30, s3,ooo of interest expense has accrued. c. total weekly salaries expense for all employees is sio, ooo. this amount is paid at the end of the day on friday of each five-day workweek. april 30 falls on tuesday of this year, which means that the employees had worked two days since the last payday. the next payday is may 3.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

Fanning books buys books and magazines directly from publishers and distributes them to grocery stores. the wholesaler expects to purchase the following inventory: april may june required purchases (on account) $ 111,000 $ 131,000 $ 143,000 fanning books accountant prepared the following schedule of cash payments for inventory purchases. fanning books suppliers require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month following the month of purchase. required complete the schedule of cash payments for inventory purchases by filling in the missing amounts. determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

Answers: 2

Answer

Business, 22.06.2019 06:30

"in my opinion, we ought to stop making our own drums and accept that outside supplier's offer," said wim niewindt, managing director of antilles refining, n.v., of aruba. "at a price of $21 per drum, we would be paying $4.70 less than it costs us to manufacture the drums in our own plant. since we use 70,000 drums a year, that would be an annual cost savings of $329,000." antilles refining's current cost to manufacture one drum is given below (based on 70,000 drums per year):

Answers: 1

Answer

Business, 22.06.2019 11:40

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?

Answers: 3

Answer

Business, 22.06.2019 12:50

Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.

Answers: 3

Answer

You know the right answer?

The following three separate situations require adjusting journal entries to prepare financial state...

Questions