McFriend, Inc., records its liabilities for employees vacations semiannually. As of January 1, McFriend, Inc., has 50
Question:
McFriend, Inc., records its liabilities for employees’ vacations semiannually. As of January 1, McFriend, Inc., has 50 employees (25 in administration and 25 in sales) 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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
July 1 Administrative Salaries Expense Compens...View the full answer
Answered By
Pranav Makode
I am a bachelor students studying at professor ram meghe institute of technology and research. I have a great experience of being an expert. I have worked as an expert at helloexperts and solvelancer as a part time job. I have also worked as a doubt solver at ICAD SCHOOL OF LEARNING, which is in Amravati city. I have also worked as an Freelancer.
I have great experience of helping students, as described above. I can help any students in a most simple and understandable way. I will not give you have any chance for complaint. You will be greatfull to accept me as an expert.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Question Posted:
Students also viewed these Accounting questions
-
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...
-
Prepare a journal entry on July 9 for fees earned on account, $12,000.
-
1. Given the Figure 2 below, find the net electric field E vector at point A due to a positive charge Q 30 C and negative charge Q2-20 uC. Write down all the necessary equations and I drawings....
-
The time it takes a cell to divide (called mitosis) is normally distributed with an average time of one hour and a standard deviation of 5 minutes. (a) What is the probability that a cell divides in...
-
6-Diazo-5-oxonorleucine (DON) irreversibly inhibits glutamine-dependent amidotransferases. (a) Which intermediate or intermediates in purine nucleotide biosynthesis would you expect to accumulate in...
-
Explain the difference between proportional and majoritarian electoral rule. Give five examples of developing countries with presidential and parliamentary regimes based on either rule.
-
How should the leaving chief executive be involved in the succession planning and transition process?
-
Working Capital Cash flow Cycle The Christic Corporation is trying to determine the effect of its inventory turnover ratio and days sales outstanding (DSO) on its cash flow cycle. Christies sales...
-
whiting, indiana leads the top 100 cities with the oldest houses. list with the average age of houses being 59.6 years. further down the list resides franklin, pennsylvania with an average house age...
-
Tioga Company manufactures sophisticated lenses and mirrors used in large optical telescopes. The company is now preparing its annual profit plan. As part of its analysis of the profitability of...
-
Use the same information in RE13-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate. In RE13-1, Rescue Sequences, LLC, purchased inventory by issuing a...
-
Assume that for the August 20 payroll, McFriend, Inc. (RE13-3) incurs the following payroll expenses: Prepare the journal entry to record McFriends August 20 payroll. In RE13-3, McFriend, Inc.,...
-
(1) What is the maximum energy of a cosmic-ray proton to remain confined in the Solar System? Assume R=10 13 m as the radius of the system and an average magnetic field B=1 nT. (2) What is the...
-
What implications are there here for teachers' training and professional development?
-
what are two reasons decision makers too often fail to use established psychological theories and practices to guide them in their persuasion choices?
-
Explain how the process of executing good merchandising techniques reinforces brand image and improves sales performance. Address the following merchandising elements in your explanation: Product or...
-
Please measure the voltage across the two different points as listed in Table 3, and enter your measured values in the second row of the table: Voltage Voltage across across points A points B and B...
-
Sol, Inc. manufactures and sells solar chargers for $60 each. Variable costs are $40 per unit, and fixed costs total $120,000. How many solar chargers must Sol sell to earn a net income of $280,000?
-
Briefly explain the difference between these three approaches to preparing consolidated financial statements: a. Pooling-of-interests method b. Purchase method c. New-entity method
-
Test your confidence in the following Project Decisions: SI. # Question 01 02 03 04 05 06 07 08 09 10 How many years did it take to construct the largest Egyptian Pyramid- Pyramid of Cheops? When was...
-
(a) Convert the circuit in Figure P8-25 into the phasor domain. (b) Find the phasor current flowing through the circuit and the phasor voltages across the capacitor and the resistor. (c) Plot all...
-
(Multiple-step and Single-step) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The...
-
(Multiple-step and Extraordinary Items) The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2004. Interest revenue $ 86,000 Accumulated depreciation...
-
(Multiple-step and Single-step) The accountant of Whitney Houston Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended...
-
Your company is contemplating replacing their current fleet of delivery vehicles with Nissan NV vans. You will be replacing 5 fully- depreciated vans, which you think you can sell for $4,200 a piece...
-
The following spreadsheet contains monthly returns for Cola Co and Gas Co. for 2022: Using these data, estimate the average monthly return and the volatility for each stock. The average monthly...
-
points X Rate of Return if State Occurs 2 Recession Normal Boom Probability of State of State of Economy Stock A Stock B Economy 0.15 0.09 0.16 0.55 0.18 0.17 0.30 0.21 0.21 00:50:36 Stock A Stock B...
Study smarter with the SolutionInn App