Ace Electronics employees have earned $10,000 during the current period but Ace has paid only $8,000 to date. Ace Electronics should report Salarieson the balance sheet, and a reduction in Cash ofand Wages Expense ofon the income statement, Salaries and Wages Payable ofMultiple Choice$0; $10,000; $O$8,000; $2,000; $0$2,000; $2,000; $0$10,000; $2,000; $8,000

solution : given : ace electronics employees have earned $10000 using…

ce Electronics employees have earned $10,000 during the current period but Ace has paid only $8,000 to date. Ace Electronics should report Salar nd Wages Expense of on the income statement, Salaries and Wages Payable of , on the balance sheet, and a reduction in Cash of Multiple Choice $0; $10,000; $O $8,000; $2,000; $0 $2,000; $2,000; $0 $10,000; $2,000; $8,000

ce Electronics employees have earned $10,000 during the current period but Ace has paid only $8,000 to date. Ace Electronics should report Salar nd Wages Expense of on the income statement, Salaries and Wages Payable of , on the balance sheet, and a reduction in Cash of Multiple Choice $0; $10,000; $O $8,000; $2,000; $0 $2,000; $2,000; $0 $10,000; $2,000; $8,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ABC had Accounts Receivable of P150,000 at December 1, 2023. The following transactions occurred during December of 2023: December 5-A customer paid P90,000 worth of receivables. December 10-Sold P350,000 worth of goods to XYZ for P500,000 receiving 60% of the bill in cash and the rest to be received at a later time. The terms of the sale is 2/10, n/30. December 15 - XYZ returned P35,000 worth of goods which were billed for P50,000. December 20-XYZ paid the remaining balance. How much was debited/credited to Sales Return and Allowances on December 15? (positive if debited and negative if credited)
Stratus Inc. purchased equipment for $18,500 and received an invoice with terms 4/10, 3/30, n/45. If Stratus Inc. decided to pay the full price on the 15th day of the invoice date, how much must it pay?
Problems 1). Record the journal entries for the following current liabilities for Company Z A). Company Z is required by law to collect and remit sales taxes to the state. If $78,000 of cash sales are subject to a 6% sales tax B). Company Z faces a probalble loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. C). Employees earn vacation pay at the rate of one day per month. During the month, 25 employees quality for one vacation day each. Their average daily wage is $100 per day. D). Z company estimates thatt warranty expense will be 4% of sales. The company's sales for the current period are $185,000.. E). Z Company receives $48, 000 cash in advance ticket sales for 12 home games. Record the advance ticket sales on April :30. Record the revenue earned for the first home game played on August 14. "V B. C. D. E.
On June 11, 2019, Hat Trick Manufacturing sold goods worth $400,000 with terms 2/10, n/30 to Ice House sports. On June 20, 2019, hat trick manufacturing received payment for 1/2 of the amount due from ice house sports. what will be the amount reported in the financial statements for the account receivable due from ice house sports if the fiscal year ends on june 30, 2019 and the gross mwthod is used? And no plagiarism please
Ditto Corp.'s income statements accounts at 12/31, adjusted for all items except bonus and income taxes is given below. DR CR SALES $1,300,000 (CR) COST OF GOODS SOLD $700,000 (DR) OPERATING EXPENSES SALARIES $200,000 (DR) DEPRECIATION $50,000 (DR) OFFICE EXP $60,000 (DR) MISC. EXP $40,000 (DR) Income before bonus and tax is $250,000. The income tax rate is 40%. The bonus is equal to 10% of income before bonus and tax, after bonus but before tax, before bonus but after tax, and after both bonus and tax. Make the entries required at 12/31 to adjust salary expense and to record income tax expense.
The Miller Company earned $190,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $136,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account. What is the amount of uncollectible accounts expense that will be recognized on the Year 1 income statement? Multiple Choice О $5,700 $1,320 О $4,080
Company M uses the cost recovery method. During 19A, it sells goods with a cost of $15,000 for $25,000, payable in installments of $10,000, $10,000 and $5,000, respectively, beginning in 19A. How much profit should be recognized each year?
Ivanhoe pays a weekly payroll of $250000 that includes federal income taxes withheld of $38100, FICA taxes withheld of $23970, and 401(k) withholdings of $26500. What is the effect on assets and liabilities from this transaction? Assets decrease $187930 and liabilities decrease $62070. Assets decrease $187930 and liabilities increase $62070. Assets decrease $161430 and liabilities increase $88570. Assets decrease $250000 and liabilities do not change.
Commercial Supply Corp. bills its accounts on terms of 2/10 net 30. The firm's accounts receivable include $200 000 that has been outstanding for ten or fewer days, $126 000 outstanding for 11 to 30 days, $198 000 outstanding for 31 to 40 days, $92 000 outstanding for 41 to 50 days, $30 000 outstanding for 51 to 60 days, and $7 000 outstanding for more than 60 days. Is the ageing schedule for Commercial Supply Corp. bottom heavy? Select one: O a. No, since 70% of the outstanding sales are on time and the percentage of long-term outstanding payments is low. O b. No, since the percentage of payments that are late are greater than the percentage of payments that are on time. O c. Yes, since the percentage of payments that are late are greater than the percentage of payments that are on time. O d. Cannot tell from the information given.