Kline Company accrued wages of $7,350 that were earned by employees unpaid at the year- end. Assuming Kline uses reversing entries, which of the following entries correctly reverses the accrued wages at the beginning of the following year?
A) Debit Wages Expense $7,350; credit Cash $7,350.
B) Debit Wages Expense $7,350; credit Wages Payable $7,350.
C) Debit Wages Payable $7,350; credit Cash $7,350.
D) Debit Cash $7,350; credit Wages Expense $7,350.
E) Debit Wages Payable $7,350; credit Wages Expense $7,350.
E) Debit Wages Payable $7,350; credit Wages Expense $7,350.
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Macro-marketing
A. applies only to nonprofit organizations. B. helps consumers that need a narrow assortment of products. C. is what people have in mind when they talk about marketing in everyday use. D. is a social process. E. concerns the activities of individual managers.
Veronica was offered a loan using the discount method of calculation by her bank. She will borrow $10,000 for one year at an APR of 11%. How large will the check be that Veronica receives? How much must she repay?
A) $11,100; $11,100 B) $10,000; $11,100 C) $8,900; $11,100 D) $8,900; $10,000 E) None of the above is correct.
The words "bank," "trust," "trustee," or related words may not be a part of the corporate name unless the certificate of approval of the Superintendent of Banks is attached to the articles of incorporation
Indicate whether the statement is true or false.
James Alwine financed a $7,800 fishing boat with a 10% add-on interest installment loan for 18 months. The loan required a 10% down payment. a. What was the amount of the finance charge? b. What is the amount of the finance charge rebate if the loan were to be paid after the 10th payment? (Round to the nearest cent)