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Cloud [144]
3 years ago
7

Adjusting and paying accrued wages L.O. C1, P1 Pablo Management has seven part-time employees, each of whom earns $205 per day.

They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2011. The end of the year, December 31, 2011 falls on a Monday. The next week, the seven employees worked only four days because New Years Day was an unpaid holiday. All the seven employees are paid as usual on Friday, January 4, 2012.
(a) Prepare the adjusting entry that would be recorded on Monday, December 31, 2011. (Omit the "$" sign in your response.) Date General Journal Debit Credit Dec. 31, 2011
(b) Prepare the journal entry that would be made to record payment of the employees wages on Friday, January 4, 2012. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 4, 2012
Business
1 answer:
Marizza181 [45]3 years ago
7 0

Answer:

1- Wages Expense (Dr.) $1,025

Wages Payable (Cr.) $1,025

2- Wages Expense (Dr.) $1,845

Wages Payable (Cr.) $1,025

Cash (Cr.) $820

Explanation:

Wages expense = $205 * 5 days a week = $1,025 per week.

Wages expense = $205 * 4 days a week = $820 per week.

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The labor force includes rev: 05_30_2018 Multiple Choice employed workers but excludes persons who are officially unemployed. pe
butalik [34]

Answer:

employed workers and persons who are officially unemployed

Explanation:

The labor force is the force that involves the labors who are employed and the unemployed i.e. officially

In an equation, it can be

Labor force = Employed workers + unemployed workers

It is a combination of both the employed and the unemployed workers

hence, the correct option is third

Therefore all the other options are wrong as they do not meet the criteria of the labor force

8 0
3 years ago
Consider a competitive market with a large number of identical firms. The firms in this market do not use any resources that are
lozanna [386]

Answer:

a. increase price in the short run but not in the long run.

Explanation:

The firms don't use resources that are available in limited quantities. So, as firm output increases, they can use resources in higher quantity but at the same price.

Therefore, as quantity demanded increases, the firms can supply higher quantity without any increase in resource cost. So, price  increase in short run but not in the long term.

4 0
3 years ago
Which of the following are reported on the income statement as part of cost of goods? a.administrative expenses b.operating expe
kenny6666 [7]

Answer:

Cost of goods manufactured

Explanation:

Cost of goods manufactured are reported on the face of income statement because it's a critical factor in arriving at the profit or loss position at the end of a period. Cost of goods manufactured takes cognizance of the material costs, labour and overhead costs involved in production. This determines the overall financial status of a company, and allow a decision maker to know if the business is doing good or not.

4 0
2 years ago
Let's suppose that the demand for allergists increases in california. assuming there is a perfectly competitive market for aller
densk [106]

Let's suppose that the demand for allergists increases in California. assuming there is a perfectly competitive market for allergists in California :

Allergists from other states (or countries) could move to California.

Surgeons, hematologists, and other doctors in California could become allergists after some retraining.

More people could enter medical school, specialize in allergies, and move to California.

A competitive market is an economic term that refers to a market in which there are a large number of buyers and sellers and no single buyer or seller can influence the market. A competitive market has no barriers to entry, many buyers and sellers, and homogeneous products.

In economics, especially general equilibrium theory, perfect markets, also called atomistic markets, are defined by several idealized conditions collectively known as perfect or atomistic competition.

Learn more about competitive market here: brainly.com/question/8753703

#SPJ4

8 0
1 year ago
An organization that has a selection process that focuses on hiring team players and employs a competitive merit pay performance
KATRIN_1 [288]

Answer:

The answer would be FALSE

Explanation:

A performance appraisal, also referred to as a performance review, performance evaluation, development discussion, or employee appraisal is a method by which the job performance of an employee is documented and evaluated.

Performance appraisals are a part of career development and consist of regular reviews of employee performance within organizations. Annual performance reviews have been criticized as providing feedback too infrequently to be useful, and some critics argue performance reviews in general do more harm than good.

Organizations with HR strategies that emphasize developing long term relationships with highly skilled employees have been shown to be more effective.

3 0
3 years ago
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