a. On January 1, prepare a reversing entry. On January 8, journalize the entry to record the
Question:
b. What will be the balance in Salaries Expense on January 8 (afterposting)?
Transcribed Image Text:
December 31: Salaries Expense Dr. Cr. Salaries Payable Dr. Cr. 820 1,170 closing Adj. 350 350 Adj.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
A January 1 Salaries Pay...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Journalize the entries to record the following: a. Check No. 8193 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $294. Check No. 8336 is issued...
-
Journalize the entries to record the following: a. Check No 6500 is issued to establish a petty cash fund of $1,200. b. The amount of cash in the petty cash fund is now $200. Check No. 6527 is issued...
-
Journalize the entries to record the following: A. Check No. 12-375 is issued to establish a petty cash fund of $750. B. The amount of cash in the petty cash fund is now $80. Check No. 12-476 is...
-
Prepare a personal SWOT analysis (Your personal Strengths and Weaknesses and the external macroeconomic Opportunities and Threats that all of your competitors will assess criteria examples Advantages...
-
She sees an eagle with probability 0.2 during an hour of observation, a jack-rabbit with probability 0.5, and both with probability 0.15. Recall the ecologist observing eagles and rabbits in...
-
Given the following data, what was the value of the consumer price index in the base year? Calculate the annual rate of consumer price inflation in 2015 in each of the following situations: The CPI...
-
Two plates are at temperatures of \(T_{1}\) and \(T_{2}\) and a chemical reaction is producing heat at a constant rate within the system. Derive a model to predict the temperature distribution within...
-
A simple trust has the following receipts and expenditures for 2015. The trust instrument is silent with respect to capital gains, and state law concerning trust accounting income follows the Uniform...
-
Alexis and Tomas meet with their insurance agent, Pat. After a thorough needs analysis, Pat recommends that Alexis set up a spousal RRSP tot Tornas Pat has them complete a risk tolerance...
-
what are the features detected by modernizr? CSS Reflections i. ii. iii. Web Workers SNIL iv. IndexedDB a. i and ii b. i, ii and iii c. i, ii and iv d. ii, iii and iv
-
Match the following categories to each account listed. 1. Current Asset 2. Plant and Equipment 3. Current Liabilities 4. Long-Term Liabilities _____ a. Petty Cash _____ b. Accounts Receivable _____...
-
From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $9,040; Purchases Discount, $860; Merchandise Inventory, 12/01/1X, $4,400;...
-
The tied crank and gear mechanism gives rocking motion to crank AC, necessary for the operation of a printing press. If link DE has the angular motion shown, determine the respective angular...
-
There are many misconceptions about who entrepreneurs are and what motivates them to launch firms to develop their ideas. Some misconceptions develop because of the media covering a typical...
-
Calculate the cost of equity, the cost of debt and the weighted average cost of capital (WACC) of the project risk free rate is 3%, beta factor is 2.49, 75% equity and 25% debt, market return is 9%
-
Based on the isolated problem of imitators and counterfeiters, conduct a project assessment based on the needs of the new process, draw up an outline of what the process model should enable the...
-
Assuming a discount rate of 14%, what is the present value of 50,000 per year for 20 years if the payments occur at the beginning of each period? $394,113 $377,518 $331,157 $288,106 $317,910
-
As a supply chain student, briefly explain how you think the technology has impacted supply chain in the last decade. How do you think companies are leveraging these changes to meet ever changing...
-
What prevents a user from entering a reservation for a customer who has not yet been registered in the Customers table?
-
A certain Christmas tree ornament is a silver sphere having a diameter of 8.50 cm. Determine an object location for which the size of the reflected image is three-fourths the size of the object. Use...
-
The spread between the yield on a fiveyear bond issued by a company and the yield on a similar riskfree bond is 80 basis points. Assuming a recovery rate of 40%, estimate the implied average hazard...
-
Complete the following: Account ______________ Category _______ ______ _______ Normal Balance A. Salaries Payable B. Taxable Fees Earned C. Accounts Receivable D. Sam Slater, Capital E. Sam Slater,...
-
Complete the following: Account ______________ Category _______ ______ _______ Normal Balance A. Salaries Payable B. Taxable Fees Earned C. Accounts Receivable D. Sam Slater, Capital E. Sam Slater,...
-
Record the following transaction in the transaction analysis chart: Provided tutoring fees for $4,000, receiving $1,100 cash with the remainder to be paid next month. Rules of Dr. and Cr Accounts...
-
Martinez Company buys merchandise on account from Marigold Company for $592. Martinez sells the goods to Ellis for $900 cash. Use a tabular summary to record the transactions for Martinez Company...
-
The section has tension and compression steel reinforcement. When the neutral axis depth is at infinity, c = , the section is in uniform compression, all points on the section have 0.003 compressive...
-
The Big Choo Choo Company (BCCC) owns a rail line from the town of Isolated to the coastal port of Notso. It cost them $20 million to build the rail line in 2016. It is now 2023. The Small Gold...
Study smarter with the SolutionInn App