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

Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month:Compute for the VAT to be paid a. ₱0 b. ₱7,440 c. ₱9,643 d. ₱10,800
Eng Hardwares has the following balance as at 30 November 2020:Accounts RM’000Wages(Debit) 110,000Insurance (Debit) 2,000Rental (Credit) 50,000 Additional information:i. Eng Hardwares pays wages to its workers at the end of every month. However,some internal problems arise and it did not pay wages amounting to RM10,000 to itsworkers on time on the last day of December 2020.ii. It paid RM10,000 for insurance covered from period December 2020 until March2021 on 3rd December 2020.iii. It rents out part of its warehouse to another business for RM2,000 per month andreceives the rent on the last day of each quarter on 31st March, 30th June, 30thSeptember, and 31st December. However, the tenant has some financial difficultiesand failed to pay the three-month rent from October 2020 to December 2020 on 31December, 2020.iv. On 1 December 2020 it received RM21,600 for a one year rental from a new tenant. Required:-Prepare the journal entry for the reversal of the balance on the last day of…
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?
Eng Hardwares has the following balance as at 30 November 2020: Accounts RM'000 Wages(Debit) 110,000 Insurance(Debit) 2,000 Rental(Credit) 50,000 i. Eng Hardwares pays wages to its workers at the end of every month. However, some internal problems arise and it did not pay wages amounting to RM10,000 to its workers on time on the last day of December 2020. ii. It paid RM 10,000 for insurance covered from period December 2020 until March 2021 on 3rd December 2020. iii. It rents out part of its warehouse to another business for RM2,000 per month and receives the rent on the last day of each quarter on 31th June, 30th September, and 31st December. However, the tenant has some financial difficulties and failed to pay the three- month rent from October 2020 to December 2020 on 31 December 2020. iv. On 1 December 2020 it received RM21,600 for a one year rental from a new tenant. Prepare the journal entry for the reversal of the balance on the last day of…
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.
You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
For every P500 worth of services rendered to customers, the Uranus Company has to pay P250 for salary expense, P18 for supplies and P45 for miscellaneous expense. Service income totaled P250,000. What is the company's profit (loss)?
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.
jane Jackson resides in Edmonton, AB, and has been employed by Finlay Ltd. for a number of years as their accountant. Jane’s T4 slip for the current year indicates the following amounts were deducted from her gross salary of $80,000: Deductions Amounts CPP (maximum for the year*) EI (maximum for the year*) RPP contributions $4,500.00 Income tax deducted 20,000.00 Union dues 300.00 Charitable donations 1,200.00 * See the current year’s tax rate sheet to determine the CPP and EI reported on the T4 slip. The following amounts are paid by Finlay Ltd. and not included on Jane’s current year T4 slip: Paid by Findlay Ltd. Amounts Private health insurance plan premiums $1,800 Public health insurance plan premiums 1,500 Group term life insurance policy premiums 400 Allowance for incidental expenses ($400 per month) 4,800 Finlay Ltd. provided Jane with a motor vehicle for the entire year, and the company also…