Ferguson’s employees earn a total of $30,000 per week for a 5-day week. December 31 of Year 1 is a Tuesday. a.) Prepare the journal entry to record accrued salaries on December 31, Year 1. b.) Prepare the journal entry to record the payment of salaries on January 3, Year 2.

Q: Required Information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3…

A: A bank reconciliation statement is a summary of all the transactions (deposits, withdrawals, extra…

Q: Testing NCAA Compliance at Southeastern State University: A Case Study  Julia L. Higgs and John T.…

A: There is a lot of evaluation of internal polices ,  rules to be followed ,compliance of laws and…

Q: Salvadores Manufacturing builds and sells snowboards, skis and poles. The sales price and variable…

A: Overall unit contribution margin is calculated by first calculating individual contribution margin…

Q: Among the inherent powers of the State: A. Taxation is the most punitive and restricting. B.…

A: Inherent powers of state refers to the information which is not written in the constitution and…

Q: Camaro GTO Torino Cash $ 2,400 $ 230 $ 1,300 Short-term investments 0 0 600 Current receivables 260…

A: Solution: Acid test ratio = Quick Assets / Current liabilities Quick assets = Current assets -…

Q: ise 6-13 (Algo) Changes in Selling Price, Sales Volume, Variable Cost per Unit, and Total Fixed…

A: Variable cost change in same proportion along with change in sales quantity. Fixed cost will remain…

Q: B. Word Problems for Income and Profit: Solve the following showing your solutions 1. Aletta's…

A: calculation of gross pay for the week are as follows

Q: The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:…

A: Cash Flow Statement A cash flow statement is a type of financial statement that shows how a business…

Q: Urban Elite Cosmetics has used a traditional cost accounting system to apply quality-control costs…

A: Under traditional costing system, all overhead costs are assigned on the basis of single cost…

Q: Shalom Company prepared its 2023 manufacturing overhead budget to produce Product Peace. Variable…

A: Managerial accounting involves analyzing financial information to help managers make business…

Q: On January 1, 2019, Sage Corporation granted 10,100 options to key executives. Each option allows…

A: Date Accounts Title and Explanation Debit  Credit  01/01/2019 No entry             31/12/2019…

Q: IS THE STATEMENT CORRECT OR INC

A: Budget is prepared to plan each and every activity performed in an organization. While performing…

Q: he following information is for Corp: Selling price  $60 per unit Variable costs  $40 per unit…

A: Calculation of targeted sale revenue are as follows

Q: Ferrell Glass Company uses a process costing system. The company reported a beginning inventory of…

A: EQUIVALENT UNITS OF PRODUCTION  Equivalent Production is represents the production of a process in…

Q: The Market Adjustment account can only have a credit balance or a zero balance. True False

A: True. The Market Adjustment account is a contra-equity account used to record adjustments to the…

Q: Direct materials purchased during the period cost $28,000, and there was an ending direct materials…

A: Direct Material Used:— It is the cost of raw materials required for the production of finished goods…

Q: The following data from the just completed year are taken from the accounting records of Mason…

A: Income statement is one of the financial statements which is prepared by the entity for the purpose…

Q: If Microsoft did not defer any revenue, but instead recognized it as received, how much total…

A: The question is asking us to calculate the total revenue that Microsoft would have recognized in…

Q: Billie’s Tennis Shop has the following transactions related to its top-selling Wilson tennis racket…

A: Weighted Average Cost Method The price of closing stock and the cost of goods sold (COGS) can be…

Q: 1. Helo Company has provided the following data: Sales, P5,000,000; Interest expense, P30,000; Total…

A: Net income When the revenues or incomes received by a company are higher than the expenses or…

Q: At the beginning of the current year, B started a retail merchandise business. During the current…

A: Given information, Trade Creditors = P2,000,000 Net loss =P350,000   Pre Closing Balances of:…

Q: Lechon Company provided the following data for the current year: Sales Cost of goods sold Expenses…

A: Depreciation Allocable to segments = P 4,000,000 - P 1,000,000 = P 3,000,000

Q: Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct…

A: Solution   Prepared the cost of goods manufactured for Freeman furnishing

Q: Item Accounts payable Accounts receivable Accruals Cash Common Stock COGS Current portion long-term…

A: Cash flow refers to the amount of cash and cash equivalents that flow in and out of a business…

Q: 3.Paton's CEO is pleased with the increase in billable hours booked over actual and has decided to…

A: The effectiveness with which a business uses its labour to manufacture or provide services is…

Q: What are the tax consequences to ABC and Barney if the corporation sells the land and then…

A: First scenario: If ABC Corporation sells the land for $1,550,000 and then liquidates, it will…

Q: The account used to keep track of earnings and losses?

A: The summary of income, expenditures, and spending for a certain time period are listed in the…

Q: A Company manufactures two products: Shalom and Peace. During the year, it produced 80 Shalom and 60…

A: A predefined overhead rate is an allocation rate that is employed to apply the anticipated cost of…

Q: Q1. Compute goodwill / gain on bargain purchase. Select one: O A Goodwill $33,400 O B. Gain on…

A: The net assets are calculated by using capital approach. The Inventory revaluation is adjusted…

Q: Barney manufactures wooden backyard playground equipment. Barney estimated $1,920,000 of…

A: Manufacturing overhead is the accumulated total costs for running the production operation which may…

Q: Identify the asset from the following? A. Cash and Cash equivalents B. Creditors

A: Something that will or already has economic worth to a business is referred to as an asset. All…

Q: Instructions: 1. 2. Determine the appropriate means of reporting each situation and explain why…

A: 1. The lawsuit resulting in a judgment of $11 million against Finley should be reported as a loss…

Q: Suppose that a company has fixed costs of $19 per unit and variable costs $9 per unit when 16,000…

A: Fixed cost : These costs do not change with changes in level of activity .Total fixed costs remain…

Q: Shalom Company wants to maintain a minimum monthly cash balance of P20,000. The budget for the first…

A: Financing agreement:   It is an agreement between two parties in which one party provides funds to…

Q: During the period, 45,000 units were completed, and 3,600 units were on hand at the end of the…

A: The concept of equivalent units arises when there is a number of incomplete units. The incomplete…

Q: Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…

A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Q: how did you get the numbers for cash dividend preferred and cash dividend common

A:

Q: (a) (b) (c) What are the tax consequences of the liquidation to XYZ Corporation and Alice and Pete?…

A: a) The tax consequences of the liquidation of XYZ Corporation are that it will recognize gain or…

Q: Provide the trial balance and t-accounts of the following. Thank you

A: First step of accounting cycle process is known as journal entries recording. After that, recorded…

Q: Prophet Corporation acquired 75 percent of Seer Corporation’s voting common stock on December 31,…

A: Calculation of Goodwill : Particulars Amount Total Assets    6,40,000.00 Add : Appropriations…

Q: Shalom Company is preparing its merchandise purchases budget. Budgeted sales are P480,000 for April,…

A: The cost of goods sold is the total of all the direct costs involved in the manufacturing of the…

Q: Blossom Corporation issued $4 million of 10-year, 7% callable convertible subordinated debentures on…

A: Formula: Basic earnings per share=Net incomeShares outstanding Diluted earnings per share=Net…

Q: The following information is available for Marigold Corporation for 2020. 1. 2. 3. 45 6.…

A: A journal entry records a business activity in the accounting system of an organisation. The…

Q: The following transactions were made during the first month (January 2022) of Mr. X Carwash's (sole…

A:

Q: Accounting records for Antoinette Designs (AD) for November show the following (each entry is the…

A: Work in Process: A company's partially finished products that are awaiting completion and ultimate…

Q: When materials are received, employees count and inspect them and record the items’ quantity and…

A: Receiving report is a internal document maintained by shipping or receiving departments are shared…

Q: Multiple Choice $25.90 Activity Cost Pools Activity 1 $ 17,460 Activity 2 $ 19,987 Activity 3 $…

A: The overheads are the cost like rent, supplies insurance, etc. These overheads are not directly…

Q: Cost per Equivalent Unit The following information concerns production in the Forging Department for…

A: For calculation of equivalent units of production under FIFO method we use weight for both opening…

Q: A Company manufactures two products: Shalom and Peace. During the year, it produced 80 Shalom and 60…

A: Activity based costing is also called ABC costing. This is more accurate method of overhead…

Q: Assume that a company is considering purchasing a machine for $50,000 that will have a five year…

A: Year 1 2 3 4 5 Savings in operating cost     16,500.00  16,500.00  16,500.00  16,500.00…