On December 31, Year 3 Snack, Inc. adjusted its records to recognize $5,000 of accrued salaries. Based on this information alone. A.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries expense.
B.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
C.the income statement for Year 3 would show $5,000 of accrued salaries payable.
D.the income statement for Year 4 would show $5,000 of accrued salaries expense.
Answers
Answer:
B.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
Explanation:
The adjusting entry to record the accrued salaries as at December 31, Year 3 of the Snack, Ince. are as follows:
Debit Credit
Accrued salaries expense $5,000
Accrued salaries payable $5,000
Based on the above discussion, the answer shall be B.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
Final answer:
The balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
Explanation:
The correct answer is option B: the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable. Accrued salaries are salaries that have been earned by employees but not yet paid. When Snack, Inc. adjusts its records to recognize $5,000 of accrued salaries, it means that they are acknowledging the salaries that have been earned but not yet paid. On the balance sheet, accrued salaries payable is recorded as a liability, representing the amount that the company owes to its employees for the salaries they have earned but have not yet received. Therefore, the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
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Related Questions
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Lyme Home has 5,000 bonds outstanding with a face value of $1,000 each and a coupon rate of 7.65 percent. Interest is paid semiannually. What is the amount of the annual tax shield on debt if the tax rate is 23 percent
The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw materials were $16,000 and $20,000 and for work in process were $40,000 and $44,000. Raw material purchases and direct labor costs incurred were $72,000 each, and manufacturing overhead applied amounted to $40,000. Determine the total cost of goods manufactured during the period.
Consider a firm's short-run cost curves. If average total cost is increasing as output rises, thenSelect one:a. total fixed costs must be increasingb. average variable cost must be increasing,c. marginal cost must be below average total cost.d. average fixed costs must be increasing.e, average total cost is no longer equal to the sum of average variable cost and average fixed cost.
Answers
Answer:
None of the above
Explanation:
NONE of of the following assumptions is likely to be met in the real world.
Assumptions which include
A) All labor has zero costs of mobility. B) Demand for labor is identical in every labor market. C) All labor is homogeneous. D) Non pecuniary factors in each job are not the same are NOT likely to be met in the real word
Answers
Answer:
$3,620
Explanation:
Accounts receivable at the beginning + recorded credit sales -accounts receivable written off -ending balance accounts receivable.
Therefore:
$690+$3,200-$100-$170 =$3,620
Answers
Answer:
a. machine hours
Explanation:
Machine hours -
It is the measurement adapted to apply factory overhead to the manufactured goods , is referred to as machine hours .
In the field of machine environment ,
the time consumed for processing the machine is the maximum .
In case there is lesser machines in the company , the labor hours would be more .
Hence , from the given information of the question,
The correct option is a. machine hours .
b. Total retained earnings decreased by $186,000 during the current year.
c. Total retained earnings increased by $240,000 during the current year.
d. Net income for the current year totaled $240,000
Answers
Answer:
Net income = revenue - expenses - dividends paid
Net income = $395,000 - $155,000 - $54,000
Net income = $186,000
The net income for the current year is $186,000.
The correct answer is A
Explanation:
Net income is the excess of sales over expenses and dividends paid.
1. Calculate the standard cost for a pound of Sheffield's double chocolate almond supreme cookies. (Round answer to 2 decimal places, e.g. 3.51.)
Answers
The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies in the above case is $15.10.
What is the standard cost?
A standard cost is defined as an anticipated cost that a company commonly launches at the starting of a fiscal year for amounts used and prices paid.
It is an anticipated amount of money to pay off for materials costs or labor rates. The standardquantity is the anticipated exercise amount of materials or labor.
Computation of standard cost:
According to the given information,
Standard direct materials costs = $0.80 per pound of cookie mix.
Per pound of milk chocolate = $4, and
Per pound of almonds = $19.
Total ounces:
Then, Standard Material Cost:
Now, 1 minute of direct labor is required in the mixing department and 5 minutes of direct labor in the baking department. Then the standard direct labor cost is:
Variable overhead is applied at a rate = $37.00 per direct labor hour
Now, find the value of Standard Variable overhead cost:
Now, Standard Fixed overhead cost:
Therefore, Standard cost for a pound:
Therefore, Standard cost for a pound is $15.10.
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Answer:
The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies is $15.10
Explanation:
The standard direct materials costs are $0.80 per pound of cookie mix, $4 per pound of milk chocolate, and $19 per pound of almonds.
Total ounces = 10 + 5 + 1 = 16
Standard Material Cost = ( × 0.80) + (
× 4) + (
× 19)
Standard Material Cost = $ 2.9375
Each pound of cookies requires 1 minute of direct labor in the mixing department and 5 minutes of direct labor in the baking department.
Standard Direct Labor Cost = × 12.70 +
× 27
Standard Direct Labor Cost = $2.4617
Variable overhead is applied at a rate of $37.00 per direct labor hour
Standard Variable overhead cost = 6/60 × 37
Standard Variable overhead cost = $ 3.70
Standard Fixed overhead cost = 6/60 × 60
Standard Fixed overhead cost = $ 6
Standard cost for a pound = $2.9375 + $2.4617 + $3.70 + $6
Standard cost for a pound = $15.10
Answers
Complete Question:
Cell One Corporation began 2018 with retained earnings of $ 260 million. Revenues during the year were $ 520 million, and expenses totaled $ 340 million. Cell One declared dividends of $ 61 million. What was the company's ending balance of retained earnings? To answer this question, prepare Cell One's statement of retained earnings for the year ended December 31, 2018, complete with its proper heading.
Answer:
Cell Corporation
Statement of Retained Earnings for the year ended December 31, 2018:
$'million
Retained Earnings, Dec. 31, 2017 260
Net Income 180
Dividends (61)
Retained Earnings, Dec. 31, 2018 379
Explanation:
a) Data and Calculations:
Beginning Retained Earnings = $260 million
Revenues during the year were $ 520 million
Expenses totaled $ 340 million
Net Income (Revenue - Expenses) $180 million
Cell One declared dividends of $ 61 million
b) Cell Corporation's Retained Earnings for the year ended December 31, 2018 is the difference between the beginning retained earnings, net income, and the amount of dividend declared during the current year. This figure gives the amount of equity that has been retained for growing the business, which is an important internal source of corporate funding.
Final answer:
To calculate ending retained earnings, you start with beginning retained earnings, add her company's revenue, subtract expenses, and then subtract dividends. In this hypothetical scenario, the company would end the year with an ending balance of $3 million in retained earnings.
Explanation:
The calculation of the ending balance of retained earnings follows a simple formula. The beginning retained earnings, plus the revenue, subtracts expenses and then dividends. In this case, there were no specific numbers provided in the question, so let's assume examples. If a company starts with retained earnings of $2 million, earns revenue of $3 million during the year, and has total expenses of $1 million, the calculation would resemble the following:
Retained Earnings
Beginning Retained Earnings = $2 million
Add: Revenue = $3 million
Less: Expenses = $1 million
Equals: Intermediate Total = $4 million
Less: Dividends Paid = (Let's assume $1 million)
Equals: Ending Retained Earnings = $3 million
So, in this hypothetical scenario, the company would end the year with an ending balance of $3 million in retained earnings.
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