Prepare the appropriate adjusting entry

Assignment Help Financial Accounting
Reference no: EM132979003

Question - Ronald Rackets Corporation pays there employees on the 5th and 20th of every month. On December 31, 2012 Ronald Rackets recognized $30,000 of accrued wages expense for work performed by employees for the period beginning December 21, 2012 to the current date of December 31, 2012.

Wage Expense $30,000

Wage Payable $30,000

On January 5th 2013 Ronald Rackets Employees were paid a total amount of $45,000 for the pay cycle ending January 5th 2013.

Prepare the appropriate adjusting entry(s) that Ronald Rackets Corporation would make on January 5, 2013 to account for the cash payment made to employees.

Reference no: EM132979003

Questions Cloud

What is the maturity value : What is the maturity value of your $7,800 investment after three years if the interest rate was 5% compounded semi annually for the first two years
What is the profitability index : The required rate of return is 12.2 percent. What is the profitability index? Should you accept or reject the project based on this index value
Prepare the appropriate entries on december : Suppose at the beginning of 2023, LCI decided it is not probable that the performance objectives will be met. Prepare the appropriate entries on December
What liability relative to these transactions : What liability relative to these transactions would appear on the December 31,2017, statement of financial position and how would it be classified
Prepare the appropriate adjusting entry : Prepare the appropriate adjusting entry(s) that Ronald Rackets Corporation would make on January 5, 2013 to account for the cash payment made to employees
Compute the probability that a female ages of forty-five : Compute the probability that a female between the ages of 45 and 55 who tests positive for breast cancer has breast cancer, and enter your answer
What the overhead rate per machine hour will be : The overhead rate per machine hour will be (Hint: Choose which of the above costs are Overhead costs, add them together, and divide the total by 10,000)
Find the expected current yield and expected capital gains : Find the expected current yield and expected capital gains yield on the bond on January 1, 2027, given the price as determined in Part 'b' above
Compute the average time taken to pay suppliers : Alpha Co. reported a cost of goods sold of $64,380.00 and an accounts payable balance of $16,700.00 last year. Compute the average time taken to pay suppliers

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the main goal for accounting rules

What is the main goal for accounting rules in the United States and around the world? What characteristics must financial information possess to reach that goal?

  Calculate the sample space

Find the probability if the committee contains at least 3 girls. Find the probability if the committee contains exactly three girls. Calculate the sample space

  Determine what expected return on equity under alternative

What is the expected return on equity under each alternative? Why current assets policy is important in this particular situation?

  In which instance will kyle have a taxable benefit

In which instance will Kyle have a taxable benefit? Kyle's job as a salesman requires him to travel extensively. His compensation is based on a base salary

  Calculate the new wacc and briefly discuss in your report

Calculate the New WACC and briefly discuss in your report if this new WACC and capital structure might signal the market and investors

  How many shares of common stock have been issued

How many Shares of Common stock have been issued? Prefered stock, $1 par value $5500, Common Stock $1 par value $ 25000

  How much is the income tax expens

How much is the income tax expense for 2002? Frey Corporation's income statement for the year ended December 31, 2002, shows pretax income of ?1,000,000.

  At what marginal tax rate would bond investor be indifferent

The municipal bond is yielding 1.15% and the corporate bond is yielding 2.10%. - At what marginal tax rate would the bond investor be indifferent between the two bonds?

  How to determine the aftertax cost of debt

Russell Container Company has a $1,000 par value bond outstanding. Make the appropriate tax adjustment to determine the aftertax cost of debt.

  Determine income before income taxes for the year

Determine income before income taxes for the year. Assuming that operating expenses other than those indicated in the transactions

  How much money second partner receive from total profit

Interest at 10 percent on beginning capital balances. How much money would the second partner receive from total profits of $120,000?

  Write about a young person who must overcome individualism

Write about a young person who must overcome individualism- a young person who must realign what he or she values in order to find happiness.

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