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JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2016, total wages paid to employees equaled $404,000, including $4,000 for vacations actually taken in 2016 but not including vacations related to 2016 that will be taken in 2017. All vacations earned before 2016 were taken before January 1, 2016. No accrual entries have been made for the vacations. No overtime premium and no bonuses were paid during the period. Required: Prepare the appropriate adjusting entry for vacations earned but not taken in 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. If the financial markets are efficient, then investors should expect their investments in those markets to:
Accrual Accounting. If the incurred utility costs of $35,000 in year 1, what amount should put in Net Operating cash flow for year 1 and 2. And what amount should put in an income statement according to the accrual accounting model?
State the reasons the compensation committee gives for diving the compensation in the way they divide it. State whether the compensation committee is composed to independent directors. For any salary component, state how the compensation committee de..
The equipment had a cost of $224,000 and accumulated depreciation of $44,800 as of October 17. Explain how do you journalize this?
Raw materials that cost $39,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials.
Sanborn Company has 10 employees, who earn a total of $2,200 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be p..
A company, out of Florida, was run by two gentleman. One was the CEO, the other was the President. They both had a salary of $ 200K per year. However, they never took there full salary; in fact, it was only a small percentage that they drew upon ever..
When are accounts adjusted? Why are accounts adjusted? What are the four basic types of accounts that require adjusting?
linda blye opened cardinal window washing inc. on july 1 2010. during july the following transactions were
If Gruden accepts the offer, its fixed overhead will increase from $46,512 to $51,412 due to the purchase of a new imprinting machine. No sales commission will result from the special order.
Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $35,000 for the period. The pension formula calculated a pension cost of $201,250. Only $175,000 was contributed to the pens..
Temporary investments such as in trading securities are
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