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The company pays its employees at the end of the day Friday for work done during that five-day work-week. Total wages for a week are $16,000. In the current year, December 31 occurred on a Tuesday.a.Make the adjusting entry necessary on the company's books on December 31 with respect to unpaid employee wages.b.Make the journal entry necessary on Friday, January 3, of the following year to record the cash payment of wages for the week. Ignore the New Year's holiday season and assume that employees worked each of the five days. Note: When making this entry, don't forget the adjusting entry that was made on December 31.
Impact of joint Audit on financial reporting quality
Profit is not cash flow: Adequate cash is essential to keep business running. Inadequate cash increases the risk of not being able to meet current obligations as and when the
Which of the following was the first private sector entity that set accounting standards in the United States? a. Accounting Principles Board b. Committee on Acocounting Procedure
capital budgeting
How Accounting objectives can be achieved There are two main ways by which this can be achieved: All the accounting records are maintained at the head office; or Each
Ask questihow to make comparative income statement in good formon #Minimum 100 words accepted#
Assume that you are the president of Gaslight company. At the end of the year (December 31, 2011 of operation.
RIGHTS AND DUTIES OF TRUSTEE The rights and duties of trustee are as follows: Powers of trustee: Sell and transfer any part of the bankrupt's property;Carry on the busines
Cleaning Co. began business on March 1, 2011. The company provides specialized cleaning services to corporate clients. Listed below are the transactions entered into by Cleaning Co
The existing company WACC replicates the company's current gearing level and its existing Ke and Kd and the Ke in turn reflects the shareholders' risk perception of the company's e
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