question archive 1) A company whose fiscal year ends December 31, has a weekly payroll of $100,000
1) A company whose fiscal year ends December 31, has a weekly payroll of $100,000
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1) A company whose fiscal year ends December 31, has a weekly payroll of $100,000. Employees work 5 days per week, Monday through Friday and payday is every Friday. How much wages expense will be recorded on the Friday, January 3 payday?
A. $0
B. $40,000
C. $60,000
D. $100,000
2) On May 1, a company borrowed $30,000 from the First National Bank on a 1-year, 6% note. Assuming the company keeps its records on a calendar year basis, an entry is needed on December 31st to increase
a.interest payable by $900.
b.interest payable by $1,200.
c.interest expense by $600.
d.interest expense by $1,800.
3) A customer is injured using a company's product. The potential liability that may result is called a(n):A. Definitely determinable liability
- B. Estimated liability
- C. Contingent liability
- D. Estimated warranty liability
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