Erik Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $15,000 bonus owed to its workers (to be shared equally) at calendar year-end.
Answer to relevant QuestionsOn September 11, 2010, Lawn Outfitters sells a mower for $750 with a one-year warranty that covers parts. Warranty expense is estimated at 3% of sales. On July 24, 2011, the mower is brought in for repairs covered under the ...Keshena Co. borrows $240,000 cash on November 1, 2009, by signing a 180-day, 10% notes with a face value of $240,000. 1. On what date does this note mature? (Assume February of 2010 has 28 days.) 2. How much interest expense ...Florita Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 34% of the current month’s net income. The income taxes are paid in ...On November 10, 2009, Lorna Co. began operations by purchasing coffee grinders for resale. Lorna uses the perpetual inventory method. The grinders have a 90-day warranty that requires the company to replace any nonworking ...GOME, Best Buy, and RadioShack are all competitors in the global market place. Comparative figures for GOME (www.GOME.com.hk), along with selected figures from Best Buy and RadioShack, follow. Required 1. Compute the times ...
Post your question