Problem regarding the wages payable

Assignment Help Accounting Basics
Reference no: EM13986629

Wages Payable

Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19.

Required

1. Compute the dollar amount of the weekly payroll.

2. Prepare the journal entry on Friday, September 26, for the payment of the weekly payroll.

3. Denton prepares monthly financial statements. Prepare the adjusting journal entry on Tuesday, September 30, the last day of the month.

4. Prepare the journal entry on Friday, October 3, for the payment of the weekly payroll.

5. Will net income for the month of September be understated or overstated if Denton doesn't bother with an adjusting entry on September 30? Explain your answer.

Reference no: EM13986629

Questions Cloud

Question regarding property taxes payable-annual adjustments : Lexington Builders owns property in Kaneland County. Lexington's 2013 property taxes amounted to $50,000. Kaneland County will send out the 2014 property tax bills to property owners during April 2015.
Did the radioactive material in reactors break containment : Explain why contaminated water has been such a big issue for Fukushima. Did the radioactive material in the reactors break containment? Explain
What is the speed of the other puck after the collision : Two hockey pucks of equal mass approach each other head-on with equal speeds of 8.4 m/s. They collide and one puck leaves the collision with a speed of 6.4 m/s. What is the speed of the other puck after the collision?
Interest payable-quarterly adjustments : Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2014. Assume that Glendive prepares adjusting entries only four times a year: on March 31, June 30, September 30, and December 31.
Problem regarding the wages payable : Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19.
Problem regarding the concert tickets sold in advance : Rock N Roll produces an outdoor concert festival that runs from June 28, 2014, through July 1, 2014. Concertgoers pay $80 for a four-day pass to the festival, and all 10,000 tickets are sold out by the May 1, 2014, deadline to buy tickets. Assume ..
Problem regarding the subscriptions-customer deposits : Horse Country Living publishes a monthly magazine for which a 12-month subscription costs $30. All subscriptions require payment of the full $30 in advance.
Why do we need units of measure in our daily lives : How does the composition of varying types of matter affect the electromagnetic radiations throughout the spectrum? How different do you think medicine would be today without medical imaging? Why do we need units of measure in our daily lives
Problem regarding the working backward-depreciation : Polk Corp. purchased new store fixtures for $55,000 on January 31, 2012. Polk depreciates assets using the straight-line method and estimated a salvage value for the machine of $5,000. On its December 31, 2014, balance sheet, Polk reported the fol..

Reviews

Write a Review

Accounting Basics Questions & Answers

  The question asks to find the budgeted ending inventories

the question asks to find the budgeted ending inventories for april may june and july and the date in the problem is

  Journalize the transaction-events-closing entries

The stockholders' equity accounts of Hashmi Company at January 1, 2010, are as follows: Journalize the transaction, events, and closing entries

  Consider the following information for cowboys town for the

consider the following information for cowboys town for the year ended december 31 2015.expenses - parking garage

  Why did the ethical dilemma arise

What will be the implications of the decision of the manager to lay off the 3 experienced sales executives?

  At the time of the destruction mrs brown had an adjusted

during the current year mrs. brown paid 15000 for the demolition of a warehouse she was using in her business. at the

  Evaluate the impact to a business

Evaluate the impact to a business when compensation, such as sales commissions and bonus, are tied to achieving budgeted expectations. Suggest how management can prevent employees from manipulating results.

  Change to the equity method

On January 1, 2009, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 2011, Dermot purchased 28% of Horne's voting common stock. If Dermot achieves significant influence with this new investment, how must Dermot ..

  Prepare a revised balance sheet given the available

bruno company has decided to expand its operations. the bookkeeper recently completed the balance sheet presented below

  A company must decide between scrapping or reworking units

a company must decide between scrapping or reworking units that do not pass inspection. the company has 15000 defective

  Determining the inventory turnover ratio

The following information was available for Bowyer Company at December 31, 2010: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $660,000; and sales $900,000. Bowyer's inventory turnover ratio in 2010 was:

  Original issue discount instrument

Ted paid $73,600 to receive $10,000 at the beginning of each year for ten years. This would repay the principal plus 6% interest. What difference does it make whether the contract is treated as an annuity as compared to an original issue discount ..

  Inventory in the hands of coast corporation

Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd