Situations in which an employer would be required to pay overtime are:
A salaried employee works on a Saturday
A salaried employee works on a federal holiday
Explanation:
Overtime payments are required b the law to pay to a firm when they make their employees work over the permissible limit of work or hat is allowed int he job contract as the work limit for the company.
The concept is introduced for salaried workers as the work for a salary for the month and not on the hourly basis.
They are to be paid whenever they are made to work over whatever is in their contract which includes Saturday for most workers who do not have an off then and also on federal holidays invariably.
Answer:
1. <u>Accrue Wages Expense</u>
<em>Debit Salaries Expense </em>
<em>Credit Accounts Payable</em>
When an expense is accrued it becomes a liability because it is owed. The salaries will be credited to the Accounts payable Account to reflect that it is a current liability.
2. <u>Accrue Utilities Expense</u>
<em>Debit Utilities Expense </em>
<em>Credit Accounts Payable</em>
Following the same example as the first question, this is an expense that was it paid and is now owed. It should be credited to the Accounts Payable account therefore as a liability.
3. <u>Record salaries expense incurred for which the cash was paid in advance.</u>
<em>Debit Salaries Expense</em>
<em>Credit Prepaid Salaries </em>
The salaries had already been paid for which made them prepaid. Prepaid accounts are assets and are debited to increase. It will be credited in this scenario because the prepaid Expense is now being used to pay off what it was meant to pay off which is the salary.
Answer:
Corporate dividends are tax-free since the corporation pays tax on that income when it is earned
Explanation:
Answer:Organizational structure
Explanation:
This is the process of designing roles and duties to the responsible individuals accompanied with the right information and authority in order to achieve the desired goals of an organization.Here as we see,Nicole is being promoted and given access to confidential data in order to execute her job effectively.
