Homework Answers
Beginning salaries Payable (2020) = $60,400
Add: Salaries expense during the year (2021) = $621,400
Total Salaries Payable = $681,800
Less: Ending Salaries Payable (2021) = ($91,300)
Salaries payable, paid during (2021) = $590,500
So, Cash outflows for salaries in 2021 were = $590,500
Add Answer to:
Mason Corp. had salarles payable of $60,400 and $91,300 at the end of 2020 and 2021,...
Howard Inc. had prepaid rent of $75,000 and $80,000 at the end of 2020 and 2021,...
Howard Inc. had prepaid rent of $75,000 and $80,000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $240,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $235.000 $240,000 $245.000 $250,000
Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021,...
Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $248,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $236.000 $248,000. $260,000. $272,000.
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account...
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account оf $57,400. During 2021, $95,000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid Insurance account was $46,500. Insurance expense for 2021 was: Multiple Choice o $10,900. o $95,000. o $105,900. o $152 400.
Lyrtricks Ltd., which has a December 31 year end, had the following transactions in December 2020...
Lyrtricks Ltd., which has a December 31 year end, had the following transactions in December 2020 and January 2021: 2020 Dec. 1 Dec. 31 The company borrowed $135,000 from a bank on a five-year loan payable. The terms of the loan stipulate that Lyrtricks must repay 1/5 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 8% per annum. Recorded employee wages for December. The wages earned by employees amounted to...
Oklahoma Oil Corp. paid interest of $780,500 during 2021, and the interest payable account decreased by...
Oklahoma Oil Corp. paid interest of $780,500 during 2021, and the interest payable account decreased by $134,000. What was interest expense for the year? Multiple Choice $780,500. $646,500. $914,500. $512,500.
Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers...
Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including...
Oklahoma Oil Corp. paid interest of $793,500 during 2021, and the interest payable account decreased by...
Oklahoma Oil Corp. paid interest of $793,500 during 2021, and the interest payable account decreased by $134,500. What was interest expense for the year? Multiple Choice О 5.659,000. ООО 6928 ооо. 5524,500.
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods...
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporation's tax rate is 32%. The corporation declared preferred dividends of $14,500 in 2020, and its average common stockholders' equity during the year was $150,000. Prepare an income statement for Sheffield Corp.. Sheffield Corp. Income Statement Compute Sheffield Corp.'s return on common stockholders' equity for 2020. (Round answer to 1 decimal...
On January 1, 2021, the Mason Manufacturing Company began construction of a building to be used...
On January 1, 2021, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 March 1, 2021 June 30, 2021 October 1, 2021 January 31, 2022 April 30, 2022 August 31, 2022 $1,280,000 960,000 1,160,000 960,000 324,000 657,000 954,000 On January 1, 2021, the company obtained a $3,600,000 construction loan with a 15% interest rate. The...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded cash received for services rendered to clients, $430,000, and cash paid for salaries, utilities, and advertising. $245,000 $36,000 and $13,000, respectively. You also determine that customers owed the company $56.000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2.500 at the beginning and end of the year, respectively Complete...
Howard Inc. had prepaid rent of $75,000 and $80,000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $240,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $235.000 $240,000 $245.000 $250,000
Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $248,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $236.000 $248,000. $260,000. $272,000.
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account оf $57,400. During 2021, $95,000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid Insurance account was $46,500. Insurance expense for 2021 was: Multiple Choice o $10,900. o $95,000. o $105,900. o $152 400.
Lyrtricks Ltd., which has a December 31 year end, had the following transactions in December 2020 and January 2021: 2020 Dec. 1 Dec. 31 The company borrowed $135,000 from a bank on a five-year loan payable. The terms of the loan stipulate that Lyrtricks must repay 1/5 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 8% per annum. Recorded employee wages for December. The wages earned by employees amounted to...
Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including...
Oklahoma Oil Corp. paid interest of $793,500 during 2021, and the interest payable account decreased by $134,500. What was interest expense for the year? Multiple Choice О 5.659,000. ООО 6928 ооо. 5524,500.
Exercise 11-22 - In 2020, Sheffield Corp. had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporation's tax rate is 32%. The corporation declared preferred dividends of $14,500 in 2020, and its average common stockholders' equity during the year was $150,000. Prepare an income statement for Sheffield Corp.. Sheffield Corp. Income Statement Compute Sheffield Corp.'s return on common stockholders' equity for 2020. (Round answer to 1 decimal...
On January 1, 2021, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 March 1, 2021 June 30, 2021 October 1, 2021 January 31, 2022 April 30, 2022 August 31, 2022 $1,280,000 960,000 1,160,000 960,000 324,000 657,000 954,000 On January 1, 2021, the company obtained a $3,600,000 construction loan with a 15% interest rate. The...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded cash received for services rendered to clients, $430,000, and cash paid for salaries, utilities, and advertising. $245,000 $36,000 and $13,000, respectively. You also determine that customers owed the company $56.000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2.500 at the beginning and end of the year, respectively Complete...
Most questions answered within 3 hours.
-
2) A 9 volt battery is connected to a parallel plate capacitor
with an initial capacitance...
asked 13 minutes ago -
Assume that the situation can be expressed as a linear cost
function. Find the cost function....
asked 13 minutes ago -
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 1 hour ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 58 minutes ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 1 hour ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 2 hours ago -
A soft drink machine outputs a mean of 25 ounces per cup. The
machine's output is...
asked 3 hours ago -
Ross Co., Westerfield, Inc., and Jordan Company announced a new
agreement to market their respective products...
asked 2 hours ago -
What is the distance run by a runner 50m/hr and
60m/hr?
asked 3 hours ago -
Write a descendant selector rule that affects the <em>
element that is contained within the
<p>...
asked 3 hours ago -
The management of an electrical manufacturing plant determined
that the mean life of their 10 watt...
asked 3 hours ago -
On January 1, Year 1, Prairie Enterprises purchased a parcel of
land for $13,100 cash. At...
asked 4 hours ago