A business pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Thursday is
A business pays weekly salaries of $30,000 on Frid
debit Salaries and Wages Expense, $24,000; credit Salaries and Wages Payable, $24,000.
debit Salaries and Wages Expense, $6,000; credit Salaries and Wages Payable, $6,000.
debit Salaries and Wages Payable, $24,000; credit Cash, $24,000.
debit Salaries and Wages Expense, $24,000; credit Cash, $24,000
Great Lakes Packing has two bond issues outstanding. The first issue has a coupon rate of 3.56 percent, a par value of $1,000 per bond, matures in 5 years, has a total face value of $3.9 million, and is quoted at 106 percent of face value. The second issue has a coupon rate of 6.18 percent, a par value of $2,000 per bond, matures in 24 years, has a total face value of $8.2 million, and is quoted at 94 percent of face value. Both bonds pay interest semiannually. The company's tax rate is 40 percent. What is the firm's weighted average aftertax cost of debt?