Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following:
a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year.
b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year.
Required:
a. What is the annual reporting period for this company?
b. Identify whether each transaction results in adjusting a deferred or an accrued account. Using the process illustrated in the chapter, prepare the required adjusting entry for transactions ( a ) and ( b Include appropriate dates and write a brief explanation of each entry.
c. Why are these adjustments made?
Answers: 1
Business, 22.06.2019 11:30
Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.
Answers: 2
Business, 22.06.2019 16:00
Arnold rossiter is a 40-year-old employee of the barrington company who will retire at age 60 and expects to live to age 75. the firm has promised a retirement income of $20,000 at the end of each year following retirement until death. the firm's pension fund is expected to earn 7 percent annually on its assets and the firm uses 7% to discount pension benefits. what is barrington's annual pension contribution to the nearest dollar for mr. rossiter? (assume certainty and end-of-year cash flows.)
Answers: 2
Business, 22.06.2019 20:40
Helen tells her nephew, bernard, that she will pay him $100 if he will stop smoking for six months. helen was hopeful that if bernard stopped smoking for six months, he would stop altogether. bernard stops smoking for six months but then resumes his smoking. helen will not pay him. she says that the type of promise she made cannot constitute a binding contract and that, furthermore, it was at least implied that he would stop smoking for good. can bernard legally collect $100 from helen
Answers: 1
Business, 23.06.2019 00:40
Skathy lee berggren, a professor of oral communication at cornell university, indicates âa lot of my students reÂally [only] scratch the surface with the type of research theyâre doing.â according to andy guess, at inside higher ed, âjust because students walk in the door as âdigital nativesâ, doesnât mean theyâre equipped to handle the heavy lifting of digital databases and proprietary search engines that comprise the bulk of modern, online reÂsearch techniques.â students erroneously think a google search is research. as you read through the reasons that should stimulate your interest in studying research methods or evaluate the nine factors that guarantee good research, what actions do you propose to narrow the gap between studentsâ research competence and whatâs required of a modern college graduate about to become a manage
Answers: 1
Dodie Company completed its first year of operations on December 31. All of the year's entries have...
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Geography, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Biology, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Computers and Technology, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
English, 14.09.2020 16:01
History, 14.09.2020 16:01
Physics, 14.09.2020 16:01
Mathematics, 14.09.2020 16:01
Biology, 14.09.2020 17:01
Mathematics, 14.09.2020 17:01