interest rate and wages payable

questi YouTube Outlook Handshake u Introduction to Fin... Linkedin W Blackboard omework Exercise Question 5 of 5 1.5/2 E (c) Answer the following questions. (Round interest rate to decimal places, es.7%) (1) If the note has been outstanding 3 months, what is the annual interest rate on that note? Annual interest rate (2) If the company paid $16,000 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019? Balance in Salaries and Wages Payable eTextbook and Media S 22 xw Accumulated Depreciation Equipment 34000 21000 vets 60100 Liabilities and Stockholders' Equity Payable 3000 Payable 240 wyable 8000 and Wages Payable 1200 d Service Revenue 4800 bilities $ 17240 lers' Equity $ 32860 1 Earnings 10000 Stock 42860 ickholders' Equity 60100 ilities and Stockholders' Equity wedd Your Answer Correct Answer Your answer is correct. Prepare an unclassified balance sheet at December 31. (List assets in order of liquidity) CRANE ADVERTISING Balance Sheet December 31, 2020 Assets 15000 21000 Receivable 1000 2100 surance 55000 t 34000 i 21000 Accumulated Depreciation Equipment 60100 sets Liabilities and Stockholders' Equity Attempts: 3 of 3 used (62) Your answer is correct. Prepare a statement of retained earnings for the year ending December 31, 2020. (List items that increase retained earnings first) CRANE Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1 Net Income /(Loss) Retained Earnings, December 31 $ 5000 Add : 27860 32860 e Textbook and Media List of Accounts Attempts: 2 of 3 used Question 5 of 5 1.572 E Your Answer Correct Answer (Used) Prepare an income statement for the year ending December 31, 2020. CRANE Income Statement For the Year Ended December 31, 2020 Revenues $ 55.900 Service Revenue Expenses 400 Insurance Expense i 15,200 i 440 Salaries and Wages Expense Interest Expense Supplies Expense 5.000 i 4,000 Depreciation Expense 3.000 Rent Expense 28.040 Total Expenses $ 27.860 Net Income /(Loss) n 2 Adjusted Dr. Cr. CRANE TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Dr. Cr. $15,000 18,000 6,000 2,500 55,000 $30,000 3,000 $15,000 21,000 1,000 2.100 55,000 -0- Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense 8,000 6,000 -O- 10,000 5,000 51.700 $34,000 3,000 240 8,000 4,800 1,200 10,000 5,000 55,900 14,000 200 15,200 400 440 4,000 5,000 3.000 $122.140 3,000 $113,700 $113,700 $122.140