Question
a salary Payable of $40,000 on December 31, 2019 salary expenses of 420,000 during 2020 salaries...
a
salary Payable of $40,000 on December 31, 2019
salary expenses of 420,000 during 2020
salaries paid during 2020 amounted to 390,000
what should be reported as a cruise salaries payable for
December 31, 2020
PLEASE EXPLAIN IN DETAIL THE ANSWER, I AM REALLY TRYING TO
UNDERSTAND THIS
Homework Answers
Answer #2
In case of any Issues or doubts, please comment below
answered by: anonymous
Not the answer you're looking for?
Similar Questions
Following are selected balance sheet accounts of Vaughn Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Vaughn Bros.
Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected
income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
2020
2019
Increase
(Decrease)
Accounts receivable
$34,200
$24,200
$10,000
Property, plant, and equipment
274,900
249,200
25,700
Accumulated depreciation—plant assets
(179,600
)
(167,900
)
(11,700
)
Liabilities and stockholders’ equity
2020...
Following are selected balance sheet accounts of Monty Bros. Corp. at December 31, 2020 and 2019,...
Following are selected balance sheet accounts of Monty Bros.
Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected
income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
2020
2019
Increase
(Decrease)
Accounts receivable
$34,400
$23,900
$10,500
Property, plant, and equipment
279,500
247,600
31,900
Accumulated depreciation—plant assets
(179,800
)
(168,500
)
(11,300
)
Liabilities and stockholders’ equity
2020...
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500...
A company has the following balances at December 31, 2019:
Accounts payable
60,000
Accounts receivable
52,500
Cash
80,000
Common stock
200,000
Equipment
96,000
Equity investments
76,300
Inventory
57,000
Long-term liabilities
100,000
Patents
32,000
Retained earnings
17,000
Salaries payable
15,000
Unearned revenue
1,500
Additional information:
The cash balance includes $20,000 cash restricted for future
plant expansion.
Allowance for doubtful accounts is $3,800.
Accumulated depreciation on equipment is $40,000.
The long-term liabilities balance includes $12,000 due in
2020.
Format guidance: Enter whole...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2019 and 2020
2020
2019
Gross sales
$
19,800
$
15,600
Sales returns and allowances
900
100
Net sales
$
18,900
$
15,500
Cost of merchandise (goods) sold
11,800
8,800
Gross profit
$
7,100
$
6,700
Operating expenses:
Depreciation
$
780
$
640
Selling and administrative
2,800
2,400
Research
630
540
Miscellaneous
440
340
Total operating expenses
$
4,650
$
3,920
Income before interest and taxes
$
2,450
$
2,780...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $660,000.
HAMES INC.
Balance Sheets
December 31, 2020 and 2019
2020
2019
Assets
Cash
$
25,000
$
19,000
Accounts receivable
78,000
72,000
Merchandise inventory
103,000
99,000
Total current assets
$
206,000
$
190,000
Land
50,000
40,000
Plant and equipment
125,000
110,000
Less: Accumulated depreciation
(65,000
)
(60,000
)
Total assets
$
316,000
$
280,000
Liabilities...
The comparative statement of financial position of Flint Corporation as at December 31, 2020, follows: FLINT...
The comparative statement of financial position of Flint
Corporation as at December 31, 2020, follows:
FLINT
CORPORATION
Statement of Financial Position
December 31
December
31
Assets
2020
2019
Cash
$
50,000
$
1,400
Accounts receivable
89,200
88,800
Equipment
26,200
22,200
Less: Accumulated depreciation
(5,400
)
(11,300
)
Total
$
160,000
$
101,100
Liabilities and Shareholders’
Equity
Accounts payable
$
20,000
$
10,000
Common shares
100,000
75,700
Retained earnings
40,000
15,400
Total
$
160,000
$
101,100
Net income of $37,100 was...
Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with comparative data for the year
ended December 31, 2019. From the statement of cash flows for the
year ended December 31, 2020, you determine the
following:
Net income for the year ended December 31, 2020, was
$97,500.
Dividends paid during the year ended December 31, 2020, were
$65,500.
Accounts receivable decreased $11,000 during the year ended
December 31, 2020.
The cost of new buildings...
Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019. Accounts Receivable...
Rachel Kumar, DDS, had the following balances in selected
accounts on December 31, 2019.
Accounts Receivable $ 0
Prepaid Insurance 2,220
Supplies 2,940
Equipment 6,650
Accumulated Depreciation – Equipment 0
Salaries and Wages Payable 0
Notes Payable 15,000
Interest Payable 0
Unearned Service Revenue 30,000
All of the accounts have normal balances. The information below
has been gathered at December 31, 2019.
1.Depreciation on the equipment for 2019 is $1,300. Record the
adjusting entry.
2. Rachel Kumar borrowed $15,000 by...
As of December 31, 2018, Warner Corporation reported the following: Dividends payable $ 34,000 Treasury...
As of December 31,
2018, Warner Corporation reported the following:
Dividends
payable
$
34,000
Treasury
stock
740,000
Paid-in
capital—share repurchase
34,000
Other paid-in
capital accounts
5,400,000
Retained
earnings
4,400,000
During 2019, half of the treasury stock was resold for $268,000;
net income was $740,000; cash dividends declared were $1,640,000;
and stock dividends declared were $640,000.
What would shareholders' equity be as of December 31, 2019?
Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with...
Following is a partially completed balance sheet for Hoeman Inc.
at December 31, 2020, together with comparative data for the year
ended December 31, 2019. From the statement of cash flows for the
year ended December 31, 2020, you determine the
following:
Net income for the year ended December 31, 2020, was
$97,500.
Dividends paid during the year ended December 31, 2020, were
$65,500.
Accounts receivable decreased $11,000 during the year ended
December 31, 2020.
The cost of new buildings...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 2 minutes ago
asked 20 minutes ago
asked 22 minutes ago
asked 25 minutes ago
asked 36 minutes ago
asked 36 minutes ago
asked 36 minutes ago
asked 37 minutes ago
asked 37 minutes ago
asked 37 minutes ago
asked 37 minutes ago
asked 41 minutes ago