The following three separate situations require adjusting journal entries to prepare financial statements as of april 30. for each situation, present both the april 30 adjusting entry and the subsequent entry during may to record the payment of the accrued expenses. a. on april 1, the company retained an attorney for a flat monthly fee of $3,500. payment for april legal services was made by the company on may 12. b. a $900,000 note payable requires 12% annual interest, or 9,000 to be paid at the 20th day of each month. the interest was last paid on april 20 and the next payment is due on may 20. as of april 30, s3,ooo of interest expense has accrued. c. total weekly salaries expense for all employees is sio, ooo. this amount is paid at the end of the day on friday of each five-day workweek. april 30 falls on tuesday of this year, which means that the employees had worked two days since the last payday. the next payday is may 3.

Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $71,300. in determining her taxable self-employment income for the oasdi tax, how much of her net self-employment earnings must fess count? a. $74,500 b. $71,300 c. $53,900 d. $127,200 e. none of the above.

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inventory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a.prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price.b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

Ann chovies, owner of the perfect pasta pizza parlor, uses 20 pounds of pepperoni each day in preparing pizzas. order costs for pepperoni are $10.00 per order, and carrying costs are 4 cents per pound per day. lead time for each order is three days, and the pepperoni itself costs $3.00 per pound. if she were to order 80 pounds of pepperoni at a time, what would be the average inventory level?