Executive, Inc has a weekly payroll of $10,000 for a 5-day workweek, Monday through Friday. If December 31, the last day of the accounting year, falls on Thursday, Executive would make an adjusting entry that would
a. increase Wages Expense $8,000.
b. decrease Wages Payable $2,000.
c. decrease Cash $8,000.
d. increase Wages Payable $2,000.
a
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Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Saturn's capital balance after closing Income Summary to Capital?
A) $102,500 B) $120,000 C) $112,500 D) $127,500
The following data relate to the Torrence Company for May and August: May AugustMaintenance hours 25,000 29,000 Maintenance cost$1,175,000 $1,247,000 May and August were the lowest and highest activity levels, and Torrence uses the high-low method to analyze cost behavior. If maintenance hours are estimated to be 26,000 hours in October, which of the following statements is true?
A. Total maintenance costs will be $1,247,000. B. Total maintenance costs will be $1,221,000. C. Total maintenance costs will be $1,193,000. D. Total maintenance costs will be $1,175,000. E. Total maintenance costs will be $1,182,000.
Dollar General and Dollar Tree are considered
A. department stores. B. superstores. C. independent retailers. D. convenience stores. E. discount stores.
Eminent domain rights are found in the Fifth and Fourteenth Amendments
Indicate whether the statement is true or false