- Pablo Management Has Eight Employees Each Of Whom Earns 125 Per Day They Are Paid On Fridays For Work Completed Monda 1 (37.23 KiB) Viewed 9 times
Pablo Management has eight employees, each of whom earns $125 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the eight employees worked Monday, December 31, and Wednesday, Thursday, and Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet < 1 Record payment of the employees' wages on Friday, January 4. 2 Note: Enter debits before credits. Date January 04 Record entry General Journal Clear entry Debit Credit View general journal
a. On April 1, the company hired an attorney for April for a flat fee of $1,000. Payment for April legal services was made company on May 12. b. As of April 30, $1,257 of interest expense has accrued on a note payable. The full interest payment of $3,770 on the May 20. c. Total weekly salaries expense for all employees is $8,000. This amount is paid at the end of the day on Friday of ea workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expe round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 Date Apr 30 On April 1, the company hired an attorney for April for a flat fee of $1,000. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any. Note: Enter debits before credits. 4 5 6 General Journal Debit Credit
a. Wages of $6,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,240. c. The Supplies account had a $350 debit balance at the beginning of the year. During the year, $5,899 of supplies are purchased. A physical count of supplies at December 31 shows $640 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,700 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $750 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. View transaction list Journal entry worksheet < 1 2 Wages of $6,000 are earned by workers but not paid as of December 31. Transaction a. 3 4 5 6 Note: Enter debits before credits. General Journal Debit Credit >
a. M&R Company provided $3,700 in services to customers in December, which are not yet recorded. Those customers are expected to pay the company in January following the company's year-end. b. Wage expenses of $2,700 have been incurred but are not paid as of December 31. c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year ended December 31. The company will pay the $402 interest in cash on January 2 following the company's year-end. d. M&R Company hired a firm that provided lawn services during December for $670. M&R will pay for December lawn services on January 15 following the company's year-end. e. M&R Company has earned $370 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company's year-end. f. Salary expenses of $1,070 have been earned by supervisors but not paid as of December 31. Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above separate cases. View transaction list Journal entry worksheet 1 2 Transaction a 3 Note: Enter debits before credits. 4 M&R Company provided $3,700 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. 5 6 General Journal Debit Credit >
Use the following information to compute profit margin for each separate company a through e. (Round your answers to 1 decimal place.) Company Net Income $ a b. с d. e 86,417 90,888 62,245 73,014 Net Sales 5,256 $ O Company a O Company b O Company c O Company d O Company e 44.540 396,406 253,878 1,447,550 432,038 Profit Margin (%) Which of the five companies is the most profitable according to the profit margin ratio?