Logitech Company pays its employees for two weeks of vacation each year. The company estimated and must expense $9,160 of accrued vacation benefits for the year. Prepare the year-end adjusting entry to record accrued vacation benefits.
What will be an ideal response?
| Vacation Benefits Expense.…….……..…….… | 9,160 |
| Vacation Benefits Payable….……..…….…….….…….. | 9,160 |
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When gross margin pricing is used, the markup percentage includes
a. desired profits plus total selling, general, and administrative expenses. b. only the desired profit factor. c. total costs and expenses. d. desired profits plus total fixed production costs plus total selling, general, and administrative expenses.
Why does an illusory contract lack consideration?
A. because the consideration promised is unlawful and therefore void B. because the person promises to perform an act or do something he is already under an obligation to do C. because one or both of the parties can choose not to perform their contractual obligations D. because the compensation paid is for work done in the past
One potential advantage of financing corporations through the use of bonds rather than common stock is
A) the interest on bonds must be paid when due B) the corporation must pay the bonds at maturity C) the interest expense is deductible for tax purposes by the corporation D) a higher earnings per share is guaranteed for existing common shareholders
The company determines that the interest expense on a note payable for the period ending December 31 is $775 . This amount is payable on January 1 . Prepare the journal entries required on December 31 and January 1