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    jtraver79's Avatar
    jtraver79 Posts: 9, Reputation: 1
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    #1

    Apr 15, 2009, 12:56 PM
    Profit margin
    Income tax expense $139,200
    Sales $1,348,000
    Selling Expense $383,100
    Interest Expense $5,800
    General and Administrative Expense $369,990
    Earnings per share $2.97
    Stockholders equity $549,000


    Determine the profit margin?
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    jtraver79 Posts: 9, Reputation: 1
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    #2

    Apr 15, 2009, 01:01 PM
    Wage Expense
    Industrial activities operates 5 days per week with a daily payroll of $4000. Employees are paid every Saturday for the workweek just completed (Monday through Friday) The last day of the month is Wednesday, March 31. What is the amount of wages expense recorded on the next payday, Saturday April 3?
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    jtraver79 Posts: 9, Reputation: 1
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    #3

    Apr 15, 2009, 03:06 PM
    Closing an account
    Which if the following entries closes a temporary account?

    A. $200 Debit, Dividends; $ 200 Credit, Retained earnings

    B. $400 Debit, Income Summary; $400 credit, Rent expense

    C. $1600 Debit, Accumulated Depreciation; $1600 debit, Income Summary

    D. $20,000 debit, Income Summary; $20,000 credit, Service Revenue
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Apr 15, 2009, 05:30 PM

    B. Because an expense account is a temporary account with a normal Debit Balance, so to close an expense account you Credit the account for the amount and Debit Income Summary Account for the amount.
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    pready Posts: 3,197, Reputation: 207
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    #5

    Apr 15, 2009, 05:40 PM

    Your wage Expense will be for 3 days, Mon, Tue, and Wed, for the end of the month.

    The journal entry will be
    Debit wage Expense for the amount for 3 days wages
    Credit Wages Payable for the amount

    When wages are paid the journal entry will be:
    Debit Wages Payable for the 3 days of wages owed
    Debit Wage Expense for 2 days of wages
    Credit Cash for 5 days of wages
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #6

    Apr 16, 2009, 12:12 AM

    Please see the guidelines for posting homework:

    Ask Me Help Desk - Announcements in Forum : Homework Help
    jtraver79's Avatar
    jtraver79 Posts: 9, Reputation: 1
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    #7

    Apr 16, 2009, 07:17 AM
    Profit margin
    Income tax Expense 139,200
    Sales 1,348,000
    Selling Expense 383,100
    Interest Expense 5,800
    General and Administrative Expense 369,990
    Earnings Per share $2.97
    Stockholders Equity 549,000

    What is the profit margin?

    A 29.7 %

    B 33.4 %

    C 43.7 %

    D 61.8 %
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #8

    Apr 16, 2009, 01:22 PM

    I repeat, read the guidelines for posting this stuff.

    Ask Me Help Desk - Announcements in Forum : Homework Help

    The people who are just answering your problems might want to read it too.
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