Answer:
pay a wage rate less than labor's MRP
Explanation:
A monopsonistic employer in an unorganized (nonunion) labor market will: "pay a wage rate less than labor's MRP"
The above statement is based on the idea that Monopsony is a market situation whereby a single buyer or firm is the only purchaser of a good or service, which in most cases has to do with the purchase of labor.
And given the fact that the firm is the sole purchaser of labor, where there is no labor union, there is a high tendency that such firm or employer pays a wage rate less than labor's marginal revenue productivity.
Answer: Please see the explanation column
Explanation:
Journal entry to record North Company’s salaries expense and related liabilities.
Date Particulars Debit Credit
Jan, 15 Sales salaries expense $26,000
To FICA Social Security taxes
payable at 6.2% $1,612
To FICA Medicare taxes
payable at 1.45% $377
To federal income taxes payable $2,000
To employee medical insurance payable $429
To employee union dues payable $180
Sales Salaries Payable $21.402
Working :
FICA Social Security taxes = 6.2% x $26,000 = $1,612
FICA Medicare taxes = 1.45% x 26,000 = $377
Salary payable =Sales salaries expense -(FICA Social Security taxes payable + FICA Medicare taxes payable + federal income taxes payable+medical insurance payable +employee union dues payable ) = 26,000 - (1612+377+2000+429+180)=$21,402.
Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.
so the statement is false
Revenue Definition:
Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.
Operating Revenue Examples:
- Sales.
- Fees or Commission Earned.
- Service Revenues.
Expenses Definition:
A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.
List of expenses in accounts frequently observed when preparing financial statements:
- Cost of goods sold.
- Legal fees.
- Depreciation.
Learn more about Revenue and expense accounts here
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Brings income and makes the economy better
I Think its answer C: Fixed and Variable rates
