McFriend Inc. records its liabilities for employees' vacations semiannually. As of January' 1, McFriend has 50 employees who are paid an average of $ 176 per day. The company allows 15 paid vacation days per year. Prepare the journal entry' for July 1.
Answer to relevant QuestionsAssume that for the August 20 payroll, McFriend (see RH9 4) pays its employees $120,000 for time worked and $10,000 for vacation taken. Prepare the journal entry' to record McFriend’s August 20 payroll. On January 1, 2017, Fro-Yo Inc. began offering customers a cash rebate of $5.00 if the customer mails in 10 proof of-purchase labels from its frozen yogurt containers. Based on historical experience, the company estimates ...Rexallo Company begins business on January 2, 2016, with 15 employees. Its company policy is to permit each employee to take 6 days of paid sick leave each year and U/j days of paid vacation leave for each month worked. The ...Cornett Company, a tennis racket manufacturing company, was given $ 600,000 worth of property from an independent developer as an incentive to build a factory there. Prepare the journal entry for Cornett to record the ...Kit Company borrows $ 5 million at 12% on January 1, 2016, specifically for the purpose of financing the construction of a building that is expected to take 18 months to complete. Kit invests the total amount at 11% until it ...
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