# Record the adjusting entry for salaries payable (LO3-3) Fighting Irish Incorporated pays its employees \$3,220 every two weeks (\$230/day). The current two-week pay period ends on December 28, 2021, and employees are paid \$3,220. The next two-week pay period ends on January 11, 2022, and employees are paid \$3,220. Required: Record the adjusting entry on December 31, 2021. Calculate the 2021 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is \$0).

Record the adjusting entry on December 31, 2021. Calculate the 2021 year end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is \$0).

1

Db Salaries expenses____________________ 690

Cr Salaries payable_______________________  690

Explanation:

Pays  3220 Two Weeks

Pays  230 Daily

Dates       Expense Payable

December 29 230

December 30 230

December 31 230

Janaury 1  230

Janaury 2  230

Janaury 3  230

Janaury 4  230

Janaury 5  230

Janaury 6  230

Janaury 7  230

Janaury 8  230

Janaury 9  230

Janaury 10  230

Janaury 11  230

690 2530

1

Db Salaries expenses____________________ 690

Cr Salaries payable_______________________  690

## Related Questions

Dawson Corporation has the following information available for 2014: (in millions) Issued common stock \$45 Retired common stock \$65 Paid dividends \$75 Net income \$130 Beginning Common Stock balance \$625 Beginning Retained Earnings balance \$475 Based on this information, what is Dawson's Retained Earnings balance at the end of the year? a. \$680 b. \$530 c. \$420 d. \$605

b. \$530

Explanation:

As provided retained earnings opening balance = \$475

Add net income for the year = \$130

Balance = \$605

Further dividend is paid, which reduces the balance of retained earnings = \$75

Balance after paying dividends = \$605 - \$75 = \$530

All the other information provided in question relates to common stock and has no relevance on retained earnings balance.

Therefore, balance of retained earnings at the end of period = \$530

Hadrana corporation reports that at an activity level of 5,500 units, its total variable cost is \$275,330 and its total fixed cost is \$86,240. what would be the average fixed cost per unit at an activity level of 5,600 units? assume that this level of activity is within the relevant range.

Calculation of average fixed cost per unit at an activity level of 5,600 units:

The average fixed cost per unit can be calculated using the following formula:

Average Fixed cost Per unit = Total Fixed Cost / Number of Units

Total Fixed Cost at the level of 5,600 units is given \$86,240

Hence, Average Fixed cost Per unit = 86240/5600 = \$15.40

So, the average fixed cost per unit at an activity level of 5,600 units is \$15.40

Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of \$1.25 coming 3 years from today. The dividend should grow rapidly - at a rate of 21% per year - during Years 4 and 5, but after Year 5, growth should be a constant 8% per year. 1. If the required return on Computech is 18%, what is the value of the stock today?

\$10.98

Explanation:

Dividend per year;

D1 to D2 = 0

D3 = 1.25

D4 = 1.25 (1.21) = 1.5125

D5 = 1.5125 (1.21) = 1.8301

D6 = 1.8301 (1.08) =1.9765

Find Present values of each dividend at 18% required return;

PV( D1 to D2) = 0

PV( D3) = 1.25/1.18³ = 0.7608

PV( D4) = 1.5125 / (1.18^4) = 0.7801

PV( D5) = 1.8301 / (1.18^5) = 0.8000

PV( D6 onwards)

PV( D6 onwards) = 8.6393

Next, sum up the PVs;

= 0 + 0.7608 + 0.7801 + 0.8000 + 8.6393

= 10.98

Therefore, this stock is valued at \$10.98

Sienna Manufacturing uses a two-step process to make a metal part. The first step involves cutting with a machine that requires a 40-minute setup time before the production of each batch. The cutting takes 30 minutes per part. The second step is polishing the parts from cutting. The polishing takes 40 minutes per part, and the polishing machine requires no setup. Assume demand is unlimited. What is the ideal batch size of the parts?a. 10
b. 8
c. 4
d. 2

c. 4

Terrence needs to deliver negative feedback to an employee, Chad, using his company's appraisal software. Before delivering the feedback, he should first Multiple Choice meet with Chad in person and establish goals for improvement. discuss Chad's poor performance with other managers in the company. send a company-wide email reiterating key performance objectives. rank the performance of each employee on a scale of one to ten. privately warn Chad's coworkers that they may face increased scrutiny due to Chad's ongoing poor performance.

## meet with Chad in person and establish goals for improvement.

Explanation:

• Whenever an employee shows negativity either to his co-employee or to sub-ordinates, it is better to call in person and meet.
• We can get the pointers which is making that particular employee to behave in such a manner or we can otherwise guide that employee in the right direction so that the organizational goals are met.

Following things will not work:

• Sending an e-mail stating the poor performance of Chad's to all the employees.
• Warning Chad's coworker is not a good solution, because here Chad's behavior towards co-workers are wrong and not vice versa.

The net income reported on the income statement of Whispering Winds Corp. for the current year was \$1251000. Depreciation recorded on plant assets was \$236000. Accounts receivable and inventories increased by \$66000 and \$44000, respectively. Prepaid expenses and accounts payable decreased by \$6000 and \$61000, respectively. How much cash was provided by operating activities during the year

\$1,454,000

Explanation:

Calculation to determine How much cash was provided by operating activities during the year

Using this formula

Operating activities=Net income+Depreciation+ Increased in Accounts receivable -Increased in inventories + Decreased in Prepaid expenses - Decreased in accounts payable

Let plug in the formula

Operating activities=\$1251000 + \$236000 -\$66000 - \$44000 +\$6000 - \$61000

Operating activities=\$1,454,000

Therefore the amount of cash was provided by operating activities during the year is \$1,454,000