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Question - Showbiz, Inc's employees work five days per week. They are paid P1,200 every other Friday. December 31, 2017 is on a Monday. The next payday is January 4, 2018. What the adjusting entry would include?
a. credit to salary payable for P720
b. debit to salary payable for P720.
c. debit to salary expense for P1,200.
d. credit to cash for P1,200.
Surf Products Company uses an automated process to clean and polish its souvenir items. Prepare a production cost worksheet using the WEIGHTED AVERAGE method
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Martinez Inc. had beginning inventory of $11,100 at cost and $19,800 at retail. Compute ending inventory at cost using the conventional retail method
At the end of 20C, Allen Corporation reported a retained earnings credit balance of $50,000. The 20D ending balance of total retained earnings was
Kaufman Company currently has 200,000 shares of $1 par common stock outstanding. Prepare journal entries for the declaration and distribution
a manager is trying to decide whether to buy one machine or two. if only one is purchased and demand proves to be
bishop co. is evaluating a proposal to budget an additional 100000 for advertising. fixed costs before the additional
The following data (in millions of dollars) were adapted from the January 29, 2005 and 2004 financial statements of The GAP Inc.
Calculate the cost of goods completed during August, and prepare the appropriate journal entry to record completed production
VTC paid the net-of-discount amount on January 6, 2012. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
In your readings this module, you were introduced to Activity-Based Costing or ABC. It is a method used to determine a reliable predetermined benchmark.
The Gilette Company buys a product using the price schedule given in the file P12_32.xlsx. The company estimates the unit holding cost at 10% of the purchase price and the ordering cost at $100 per order. Gilette's annual demand is 1500 units.
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