Business, 24.08.2020 01:01 jessiegarrison1

The employees of neat clothes work monday through friday every other friday the company issues payroll checks totaling 36,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June? Salaries expense 22,400
Salaries payable 22,400
Amount accrued: $32,000 x 7/10 = $22,400
1. Can you explain how did we get 22,400?
2. Why we divide 7 over 10? What does 7 mean and what does 10 represent?

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 19:50

The u.s. stock market has returned an average of about 9% per year since 1900. this return works out to a real return (i.e., adjusted for inflation) of approximately 6% per year. if you invest $100,000 and you earn 6% a year on it, how much real purchasing power will you have in 30 years?

Answers: 2

Answer

Business, 22.06.2019 09:30

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.

Answers: 1

Answer

Business, 22.06.2019 10:30

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Answers: 2

Answer

Business, 22.06.2019 16:00

If the family’s net monthly income is 7,800 what percent of the income is spent on food clothing and housing?

Answers: 3

Answer

You know the right answer?

The employees of neat clothes work monday through friday every other friday the company issues payro...

Questions