User Account

All Pages

What amount will be reported on the year-end

Assignment Help Financial Accounting
Reference no: EM132913830

Question - Charlie pays his employees on a monthly basis on the first of each month for the prior month's work. The last entry to record the cash payment for payroll was on December 1, 2020 for the November 2020 wages. The beginning balance in Wages Payable on January 1, 2020 was $1,800, reflecting December 2019 wages.  During 2020, the employees earn $1,900 per month (they received a raise from 2019) and they worked every month in 2020. What amount will be reported on the 2020 year-end financial statements for "wages payable"?

Reference no: EM132913830

Questions Cloud

Prepare the journal entries on books of twilight corporation : Prepare the journal entries on the books of Twilight Corporation to record each of the above transactions, including any year-end journal entries required.
Calculate the firm weighted average cost of capital : Calculate the firm's weighted average cost of capital. A company has determined that its optimal capital structure consists of 58 percent debt.
List the npv of the higher npv project : List the NPV of the higher NPV project. Virus Stopper Inc., a supplier of computer safeguard systems, uses a cost of capital of 8 percent.
How long would take to pay off the balance : How long would it take them to pay off their $2,000 balance if they shelve their cards, never use them again, and continue with the ($2,000 x 0.05) = $100
What amount will be reported on the year-end : The last entry to record the cash payment for payroll was on December 1, 2020 for the November 2020 wages. What amount will be reported on the year-end
Find what is project operating cash flow for the first year : The financial staff of Cairn Communications has identified. The company faces a 25% tax rate. What is project's operating cash flow for the first year (t = 1)?
Prepare a lease amortization table for the life of the lease : Malton Corporation signed a five-year noncancelable lease for equipment from Brampton. Prepare a lease amortization table for the life of the lease
Why should internal auditors consider inherent risk : Why do you think this is so? Why should internal auditors consider both inherent risk and residual risk when planning an assurance engagement?
What would the journal entries be : In 2019, the first year of operations, for XYZ Ltd. reports a taxable income of $160,000. What would the journal entries be

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the present value of minimum lease rental payment

Determine the present value of minimum lease rental payment. Prepare the journal entries for FRM Ltd (the Lessee) using the Net Method

  What amount of employment insurance will be deducted

What amount of Employment Insurance (EI) will be deducted from Dallas's pay each week? The employer is currently required to withhold a premium of 1.88%

  Why is accounts payable projected

Why is accounts payable projected using an assumption based on cost of sales? Accounts payable is part of working capital./ It is an accounting rule under IFRS

  Cost per equivalent unit for each of three cost items-total

Regal Polish manufactures a single product in one department and uses a process costing system. At the start of May, there were 5,000 units in process that were 100 percent complete with respect to direct materials and 50 percent complete with respec..

  What could count toward meeting any compensating balance

Treasurer always keeps a minimum of $3,400 in the firm's chequing account. These funds could count toward meeting any compensating balance requirements.

  Need both years financial statements of REJECT SHOP

ACC 103 ACCOUNTING FOR BUSINESS DECISIONS ASSIGNMENT - FINANCIAL STATEMENT ANALYSIS. Need both years' financial statements of 2016 and 2017 of Reject Shop

  What was the experience in the past few years

Are revenues and expenses growing at the same rate? What was the experience in the past few years?

  Calculate the balance of current assets and liabilities

Calculate the balance of current assets and liabilities. How net working capital and operating working capital support managerial decisions and strategic goals.

  Prepare an analysis that explains change in retained earning

Prepare an analysis that explains the change in retained earnings from $85,777 million at the end of fiscal 2014 to $90,021 million at the end of fiscal 2015.

  How do provide journal entry to record contribution

Accounts receivable 100,000 total 600,000, Provide the table and the journal entry to record the contributions of the partners in the partnership books.

  Calculate comprehensive income for the year ended at may

Calculate Current Assets as of May 31,2019 . Calculate Net Income for the year ended at May 31,2019. Calculate Comprehensive Income for the year ended

  Journal entries required to create and close the warranty

Make the Journal entries required to create and close the warranty period

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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