Jiminy Cricket Co. Jiminy Cricket Co. has a five-day workweek (Monday through Fr
ID: 2350270 • Letter: J
Question
Jiminy Cricket Co.Jiminy Cricket Co. has a five-day workweek (Monday through Friday). Employees earn $500 per day.
Refer to Jiminy Cricket Co. If the month ends on Wednesday, with wages paid on Friday, how much wage expense should be accrued on Wednesday?
a. $500
b. $1,500
c. $2,500
d. $1,000
For a corporation, stockholders' equity consists of __________.
a. Assets plus liabilities
b. Current assets plus long-term assets
c. Intangible assets
d. Capital stock and retained earnings
During July, wage expense of $25,000 was reported on the income statement. If wages payable at July 1st was $2,000, and wages of $20,000 were paid during July, how much was accrued wages payable on July 31st?
a. $2,000
b. $1,500
c. $7,000
d. $1,000
A debit memorandum from the bank indicates that the bank has deducted an amount from the depositor's account.
True
False
The following assets are included in Ace Auto Parts, Inc.'s December 31, 2004 balance sheet. Accounts Receivable (net of Allowance for Uncollectable Accounts) $50,000
Accumulated Depreciation, Building 20,000
Building 100,000
Cash 60,000
Land 130,000
Land Held for Future Use 40,000
Merchandise Inventory 70,000
Trademark 110,000
The total dollar amount of assets classified as property, plant, and equipment on Ace Auto Parts' December 31, 2004 classified balance sheet is __________.
a. $210,000
b. $230,000
c. $360,000
d. $420,000
Explanation / Answer
Jiminy Cricket Co. Jiminy Cricket Co. has a five-day workweek (Monday through Friday). Employees earn $500 per day. Refer to Jiminy Cricket Co. If the month ends on Wednesday, with wages paid on Friday, how much wage expense should be accrued on Wednesday? b. $1,500 (3 days (mon, tues, wed) x 500) For a corporation, stockholders' equity consists of __________. d. Capital stock and retained earnings During July, wage expense of $25,000 was reported on the income statement. If wages payable at July 1st was $2,000, and wages of $20,000 were paid during July, how much was accrued wages payable on July 31st? c. $7,000 (20,000 was paid – this is 18,000 current and 2,000 payable from last month. Since 18,000 were paid for this month and the expense was 25,000, that means 25,000 – 18,000 were not paid ) A debit memorandum from the bank indicates that the bank has deducted an amount from the depositor's account. True The following assets are included in Ace Auto Parts, Inc.'s December 31, 2004 balance sheet. Accounts Receivable (net of Allowance for Uncollectable Accounts) $50,000 Accumulated Depreciation, Building 20,000 Building 100,000 Cash 60,000 Land 130,000 Land Held for Future Use 40,000 Merchandise Inventory 70,000 Trademark 110,000 The total dollar amount of assets classified as property, plant, and equipment on Ace Auto Parts' December 31, 2004 classified balance sheet is __________. a. $210,000 (100,000 – 20,000 + 130,000) Land held for future use is a long-term investment. Trademark is an intangible. Cash and merchandise inventory are current assets.
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