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Anthony Delivery Service Has a Weekly Payroll of $34,000

question 51

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Anthony Delivery Service has a weekly payroll of $34,000.December 31 falls on Tuesday and Anthony will pay its employees the following Monday (January 6) for the previous full week.Assume that Anthony has a five-day workweek and has an unadjusted balance in Salaries Expense of $925,000 at December 31.What is the December 31 balance of Salaries Expense after adjusting entries are recorded and posted?

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Definitions:

Coupon Rate

The coupon rate is the annual interest rate paid by bond issuers on the bond's face value.

Clean Price

The price of a bond net of accrued interest; this is the price that is typically quoted.

Coupon Bond

A type of bond that pays the holder periodic interest payments based on a predetermined rate (the "coupon rate") until it matures, at which point the principal (or face value) is repaid.

Yield To Maturity

The total expected return on a bond if held to its maturity date, including both interest payments and any gain or loss if the bond was purchased at a discount or premium.

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