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The employees of Dew Drop Inn get paid every Friday for a 5-day workweek (Monday through Friday). The total payroll is $5,000 per day of
The employees of Dew Drop Inn get paid every Friday for a 5-day workweek (Monday through Friday). The total payroll is $5,000 per day of work. If the accounting period ends on Thursday of a given week, and the proper adjustment is made on Thursday, what will be the effect of the adjustment on the company's financial statements? The income statement will report additional salaries expense of $20,000. The balance sheet will report additional salaries expense of $25,000. The balance sheet will report additional salaries expense of $20,000. The income statement will report additional salaries expense of $25,000. Using the information below, what is cash from financing activities? Dividends paid $20,000 Dividends received $5,000 Cash purchase of equipment $15,000 $6,000 Gain on the sale of land Cash received from selling land $35,000 $45,000 Cash received from issuing stock Cash paid for interest on a bank loan $1,000 Cash paid for principal on bank loan $4,000 $19,000 $26,000 $21,000 $20,000
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