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please help me answer these questions please The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling
please help me answer these questions please The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $13,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June? Multiple Choice 9,900 Prepaid salaries Salaries payable 9,900 23,100 Salaries expense Salaries payable 23,100 6,600 Salaries expense Salaries payable 6,600 Salaries expense 23.100 9,900 Prepaid salaries Salaries payable 33,000 Somerset Leasing received $55,200 for 12 months' rent in advance. How should Somerset record this transaction? Multiple Choice Prepaid rent 55,20 0 Rent expense 55,20 0 Cash 55,20 0 Deferred rent revenue 55,20 0 Interest expense 55,20 0 Interest payable 55,20 0 Salaries expense 55,20 0 Salaries payable 55,20 0 Com A classified balance sheet . Shows only current assets and current liabilities Shows changes in assets, liabilities, revenues and expenses. Contains confidential information Shows subtotals for current assets and current liabilities. The relationship between revenue from selling inventory and the cost of that inventory is measured as: Multiple Choice . Net income Gross profit income before taxes Operating income if a company records cash received for services to be provided in the future with a debit to Cash and a credit to Service Revenue, how will this error affect net income for the current period? Multiple Choice 1 Net income will be too low Net income will be correct Net income will be too high Not possible to determine
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