The estimate for 2011 is subject to year-end adjustment., Ask an Expert

Accounting

In January 2011, Post, Inc. estimated that its year-end bonus to executives would be $720,000 for 2011. The actual amount paid for the year-end bonus for 2010 was $660,000. The estimate for 2011 is subject to year-end adjustment. What amount, if any, of expense should be reflected in Post's quarterly income statement for the three months ended March 31, 2011?

A) $ -0-.

B) $165,000.

C) $180,000.

D) $720,000.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9441571

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question management research project requirementstopic -

Question: Management Research Project Requirements TOPIC - Each student will submit a research project that selects a current management problem and applies one or more principles of management discussed in the class to ...

Questions -q1 during 2017 remy paid the following expenses

Questions - Q1. During 2017, Remy paid the following expenses: Prescription medicines $640 Aspirin, vitamins, and cold medicine 165 Hospital and treatment fees 1,050 Health insurance premiums 250 What is the total amount ...

Question - why is net income before tax the most common

Question - Why is net income before tax the most common base used to determine the preliminary judgment about materiality? In what circumstances might the auditor use a different base?

Question - internet assignment search the internet an

Question - Internet Assignment Search the Internet (an entity's website) and find an audit report of the entity's audit of internal control over financial reporting. Determine the following: 1. Did the entity used the co ...

Question - zhang company reported cost of goods sold of

Question - Zhang Company reported Cost of goods sold of $841,000, beginning Inventory of $38,400 and ending Inventory of $46,900. Calculate the average Inventory amount?

Question assessment type case study assignment- purpose

Question: Assessment Type: Case Study Assignment- Purpose: This assessment will allow students to demonstrate their understanding of auditing standards, procedures and techniques, how they are applied in organisational s ...

Question 1 on october 1 2007 eagle company forecasts the

Question: 1. On October 1, 2007, Eagle Company forecasts the purchase of inventory from a British supplier on February 1, 2008, at a price of 100,000 British pounds. On October 1, 2007, Eagle pays $1,800 for a three-mont ...

Question - pharoah company traded a used welding machine

Question - Pharoah Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Pharoah also paid $3,420 cash in the transaction. Prep ...

Question - mr x wants to build a retirement fund of 500000

Question - Mr. X wants to build a retirement fund of $500,000 by the time he is 65. He is 40 today, and he plans to make 20 equal annual deposits to the fund, the first deposit to be made today. Assuming the fund will ea ...

Question - klm ltd purchased new equipment on 1st january

Question - KLM Ltd purchased new equipment on 1st January 2010, at a cost of $420 000 net of GST. The company estimated that the equipment had a useful life of 5 years and a residual value of $45 000. Required - Assuming ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert