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Charger Inc. had the following items that require adjusting entries at the end of the year. a. Charger pays its employees $5,000 every Friday for
Charger Inc. had the following items that require adjusting entries at the end of the year. a. Charger pays its employees $5,000 every Friday for a 5 -day work week. This year December 31 falls on a Wednesday. b. Charger earned income of $800,000 for the year for tax purposes. Its effective tax rate is 35%. These taxes must be paid by April 15 of neat year, c. Charger borrowed $280,000 with a note payable dated August 1. This note specifies 6%. The interest and principal are due on March 31 of the followi year: d. Charger's president earns a bonus equal to 10% of income in excess of $650,000. Income for the year was 5800,000 . This bonus is paid in May of the following year and any expense is charged to wages expense. Required
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