BUSINESS COLLEGE

Brief Exercise 3-7 Sheridan Company’s weekly payroll, paid on Fridays, totals $6,600. Employees work a 5-day week. Prepare Sheridan’s adjusting entry on Wednesday, December 31, and the journal entry to record the $6,600 cash payment on Friday, January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Answers

Answer 1
Answer:

Answer:

Explanation:

The journal entry is shown below:

On December 31,2016

Salary Expense A/c Dr $3,960 ($1,320 × 3 days )

      To Salary Payable A/c     $3,960

(Being adjusted salary is recorded)

On January 2

Salary Expense A/c Dr  $2,640  ($1,320 × 2 days )

Salary Payable A/c       $3,960  ($1,320 × 3 days)

       To Cash A/c                          $6,600            

(Being cash is paid)

Related Questions

A customer buys 100 shares of ABC stock at $44 and sells 1 ABC Jan 45 Call at $5. Subsequently, the market price of ABC goes to $59 and the call contract is exercised. The customer has a:
Mergers and acquisitions result in the consolidation of assets and liabilities of two companies under one entity. However, a merger and an acquisition are two different types of market activity. Which of the following best describes a merger? Select the correct answer below:when an entity takes ownership of another entity's stock, equity interests, and assetsthe consolidation of assets and liabilities under two entitiesa legal consolidation of two entities into one entityall of the abovePLEASE ANSWER ASAP
Debt contracts:A) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.B) have a higher cost of state verification than equity contracts.C) are used less frequently to raise capital than are equity contracts.D) never result in a loss for the lender.
Precious CurlsPrecious Curls is a retail chain specializing in​ salon-quality hair-care products. During the​ year, Precious CurlsPrecious Curls had sales of $ 39 comma 388 comma 000$39,388,000. The company began the year with $ 3 comma 500 comma 000$3,500,000 of merchandise inventory and ended the year with $ 4 comma 445 comma 000$4,445,000 of inventory. During the​ year, Precious CurlsPrecious Curls purchased $ 23 comma 350 comma 000$23,350,000 of merchandise inventory. The​ company's selling,​ general, and administrative expenses totaled $ 5 comma 450 comma 000$5,450,000 for the year. Prepare Precious Curls'Precious Curls' income statement for the year.
On May 1, 2016, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2016, to April 30, 2017, with Shaffer paying the entire $6,000 on May 1, 2016.How much revenue should Varga recognize in 2016? (Do not round intermediate calculation.)

A. How does capacity utilization affect the intensity of internal rivalry in the commercial airline industry?b. How does capacity utilization affect the extent of entry barriers in this industry?

Answers

Answer:

Barriers to entry, Internal industry rivalry, Supplier power, buyer power,etc.

Explanation:

Firms that are capable of excessive productions could boost sales volume by increasing the productions at cost advantage of reducing price. But firms that are incapable of increasing the productions capacity will be unable to produce extra quantity to gain any market share.

Barrier to entry : A established large MES of the industry prevents small entrants from entering into the industry.

If you were a career woman and time for you to love to do becomes a problem,which would you prefer to use of your baking needs— a commercial prepared mix or a home prepared mix?What important factors did you consider in making your choice?

Answers

Answer:

Just Choose an side.

Explanation:

Would you rather use a store-bought mix, or a homemade mix? (Just choose one).

For homemade: I chose this because I would like to try something new and make different flavors, if it is a success.

For store-bought: I chose this because I want it to be easy for me to make, and has all the steps on the back of the box.

Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and20,000 shares of $1 par value common stock outstanding at December 31, 2010. Therewere no dividends declared in 2009. The board of directors declares and pays a $45,000dividend in 2010. What is the amount of dividends received by the common stockholdersin 2010?a. $0b. $25,000c. $45,000d. $20,000

Answers

Answer:

The amount of dividend is $20,000.

Explanation:

Calculate the dividend on common stock using the equation as follows:

Dividend = Dividend Declared - (Number of Preferred shares * parvalue)*5%

=$45,000−(5,000×$100×5%)

=$45,000−$25,000

=$20,000

​

On January 3, 2011, Austin Corp. purchased 25% of the voting common stock of GainsvilleCo., paying $2,500,000. Austin decided to use the equity method to account for thisinvestment. At the time of the investment, Gainsville's total stockholders' equity was$8,000,000. Austin gathered the following information about Gainsville's assets andliabilities:On January 3, 2011, Austin Corp. purchased 25% of

For all other assets and liabilities, book value and fair value were equal. Any excess of costover fair value was attributed to goodwill, which has not been impaired. For all other assets and liabilities, book value and fair value were equal. Any excess of costover fair value was attributed to goodwill, which has not been impaired.

What is the amount of goodwill associated with the investment?

Answers

Answer:

Amount of goodwill associated with the investment is $500,000

Explanation:

The first step is to calculate the total value of GainsvilleCo:

Total Value of GainsvilleCo  = 2,500,000 / 25% = $10,000,000

Book value of GainsvilleCo's underlying assets = $8,000,000

Goodwill = 10,000,000 - 8,000,000 = 2,000,000

Austin Corp Investor share = 25% of 2,000,000 = $500,000

Alejandro is a computer programmer employed by XYZ Tech Corp. He is Hispanic. He gets an offer from another company that is trying to lure him away from XYZ and is willing to pay him a higher salary than XYZ pays him. Alejandro asks his boss whether the company is willing to match the offer to keep him at XYZ. His boss says, "Don't let the door hit you on your way out. Why did the boss fail to match the other firm's offer? a. statistical discrimination
b. compensating differential
c. taste-based discrimination
d. not clear why XYZ did not match the other firm's offer

Answers

Answer:

The correct answer from the options given is D)

It is not clear why XYZ did not match the other firm's offer.

Explanation:

Alejandro is already an employee at XYZ Tech Corp. If his boss is willing to let him go, it may be because they are unable to match the higher salary being offered by the competition.

Another theory is that Alejandro is no longer very productive in the current company. There is a myriad of possible reasons. However, none of these are hinted in the question.

What we know is that he is Hispanic, He is a computer programmer and he got a better offer which his current company is unable to match.

We cannot posit that this is an issue of statistical discrimination. Why? We don't know that his current boss is not Hispanic as well.

A) Statistical Discrimination arises when agents make use of an individual's measurable trait to draw conclusions regarding another characteristic important to the interaction but more difficult to detect. This clearly is not the case.

B) When the factors surrounding a job suddenly become more adverse, the employee can reject such a change. Sometimes a company may offer such employee(s) additional money to their salary for them to accept such changes. This additional money or benefit is called Compensating Differential.

This also is clearly not the case.

C) Taste-based discrimination simply examines an employer's disposition to hiring a minority applicant. This theory posits that the prejudice of an employer towards people from a minority group will ultimately affect hiring decisions.

Again, this is not the picture painted in the above scenario.

So we are left with option D as the correct answer.

Cheers!

20. WACC and NPV [LO3, 5] Sommer, Inc., is considering a project that will result in initial aftertax cash savings of $2.3 million at the end of the first year, and these
savings will grow at a rate of 2 percent per year indefinitely. The firm has a target
4.6 percent. The cost-saving proposal is somewhat riskier than the usual project the
firm undertakes; management uses the subjective approach and applies an adjustment factor of +3 percent to the cost of capital for such risky projects. Under what
circumstances should the company take on the project?

Answers

Mark Brainliest please

Sommer Inc is considering the new project, and yet we have to calculate under what circumstances the company have to take on the project. In order to assess the project, we need to compute the break-even cost such as the present value of future cash flows and calculate the WACC weighted cost of capital. It measures the weighted cost of equity and the after tax cost of debt. The following information are given: Debt to equity ratio = 0.90 Cost of equity = 13% After-tax cost of debt = 4.8% After-tax cost of savings = $2.7 million Debt to equity ratio = Debt / Equity = 0.90 Therefore, Value of firm = value of debt + value of equity Value of firm = 0.90E + E Value of firm

See the calculation of WACC as attachment
Other Questions
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