Answer:
Correct answer is D. Credit to Salaries Payable for $8,000
Explanation:
Based on the basic underlying guideliness in accounting, specifically matching principle. All income and expenses should be reported during the period it incurred. Thus, all expenses incurred during the period even though it wasn't paid yet shoud be recorded to the book and that's the moment that the year-end adjusting entry is necessary.
On the above given problem, the salaries paid of $24,000 is presumed to have been recorded in the book already. Because it incurred and paid within the calendar period. In addition, the salaries accrued by the year end needs year-end adjustment<em> to recognize the salaries expense applicable for the period</em>. Journal entry of it is to debit salaries expense and credit salaries payable in the amount of $8,000.
Answer:
Explicit costs are the costs which requires the money to pay.
On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.
Therefore,
Explicit costs are as follows:
1. Wages pays to his hired hand
2. Buys feed for his cows.
3. Gas expense that is used in truck
Implicit costs are as follows:
1. Foregone income of $27,000 from working at a dairy plant as a technician.
2. Time taken for extracting milk from all the cows.
Answer:
D) None of the above is included in Japanese GDP.
Explanation:
A country's GDP includes the value of all the finished and legal goods and services produced in an economy during one year.
GDP = consumption + investment + government spending + net exports
- Vegetables and fruits grown and consumed by an individual are not included in the GDP, unless they sell them to someone else.
- Illegal goods ans services are not included in the GDP.
- Imports, foreign products sold in a domestic market, lower the GDP since they lower net exports.
Answer:
Explanation:
Ultimately, the onus is on the state government to balance the checkbook, so the state has to decide the benefits maximum amount, duration, and eligibility to receive the benefits. For this reason, you notice that unemployment benefits largely vary by state. Some states like Massachusetts could pay as high as $1,220 depending on the eligibility criteria.
Answer:
False
Explanation:
In the case when the tax burden increased so the role of the auditor is to audit the financial statements of the company and based on this they given the opinion that could be either favorable or unfavorable also they look into the operational effectiveness and efficiency but the role of the auditor is not increasingly important as for the tax purpose the tax accountant should be considered such as Chartered accountant, etc