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pickupchik [31]
3 years ago
6

Compensation in the United States is governed by a number of laws that set boundaries for what companies can do. The rules gover

ning equal employment opportunity and the Fair Labor Standards Act (FLSA). In the United States, it is illegal to discriminate on the basis of race, sex, or other protected categories in employment practices, including pay. The 1938 FLSA established the minimum wage, requirements for overtime regulations, and employment of minors.The FLSA establishes periodic minimum wages, of which the latest federal minimum wage is $7.25 per hour as of October 2016, although some exceptions apply for training wages and adherence to state minimum-wage laws. The FLSA also establishes overtime pay for wage earners working over 40 hours per week with detailed computation that includes bonuses and piece-rate payments. These employees are considered nonexempt workers because they are covered under FLSA requirements for overtime pay. Those employees who are not covered are considered exempt employees, usually paid salaries, who are in the executive and other professional white-collar jobs. FLSA rules also govern employment of child labor, outlining details from ages under 14 through 18. Finally, two additional federal laws, the Davis-Bacon Act of 1931 and the Walsh-Healy Public Contracts Act of 1936, govern pay policies of federal contractors.Roll over each iterm to read a specific scenario and drag the items into the appropriate column that best describes them. There are four statements for each category. A. Living wageB. Computer professionals C. Fast-food employee D. Hourly basis E. Salary basis F. Supervisors G. Off the clock H. Higher rates I. Time J. Full-time K. Corporate1. Non-exempt2. Exempt3. Minimum Wage
Business
1 answer:
lesya [120]3 years ago
7 0

Answer:

<h3>I don't know otherwise please marks me as brainliests..</h3>
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Torres Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that T
Karo-lina-s [1.5K]

Answer:

Torres Company received  $4,800 on May 12.

Explanation:

<u>When The Sale was made, the following entries apply :</u>

J1

Trade Receivable $5,000 (debit)

Sales Revenue $5,000 (credit)

J2

Cost of Sales $3,000 (debit)

Merchandise $3,000 (credit)

J3

Freight Expenses $110 (debit)

Cash $110 (credit)

<u>When Campbell Company returned Merchandise :</u>

J1

Sales Revenue $200 (debit)

Trade Receivable $200 (credit)

<u>When Campbell Company pays for the goods</u>

The payment is made 2 days out of the discount period, therefore not eligible for discount.

<em>Settle amount in full less Return Allowance of $200</em>

Trade Receivable $4,800 (debit)

Cash  $4,800 (credit)

Conclusion :

Torres Company received  $4,800 on May 12.

6 0
4 years ago
In a periodic inventory system, cost of goods sold is not recorded as each sale occurs. Group startsTrue or False
ZanzabumX [31]

In a periodic inventory system, the cost of goods sold is not recorded as each sale that occurs is a true statement.

<h3>Periodic Inventory System</h3>
  • A physical count of the inventory is conducted at predetermined intervals as part of the periodic inventory system, a technique of inventory valuation for financial reporting reasons.
  • In order to calculate the cost of goods sold, this accounting method starts with an inventory at the beginning of the period, adds fresh inventory purchases throughout the period, and subtracts ending inventory.
  • A corporation using the periodic inventory system won't be aware of its unit inventory levels or COGS until the physical count process is finished.
  • For a company with a small number of SKUs operating in a sluggish market, this method might be suitable, but for all other companies, the perpetual inventory system is preferred.  

Hence, the given statement is true.

To learn more about Periodic Inventory System refer to:

brainly.com/question/17326443

#SPJ4


6 0
2 years ago
About __________ of the world's population lives in the thirty-five low-income economies, where most people engage in agricultur
vichka [17]

Answer:

About HALF of the world's population....

Explanation:

As quoted by world Bank in 2005.

8 0
3 years ago
LO 4.4How is the predetermined overhead rate applied?
soldier1979 [14.2K]

Answer:

Please see explanation.

Explanation:

Once the factory overhead rate is determined using the estimated amount of factory overhead and estimated  base, it is used to charge overhead cost to the jobs, products or work performed.

Since, not all overhead costs are known at the time of making the product, (such as electricity bill is received after  the month end) therefore, the estimated rate is used to apply the overhead cost to the job or product using actual  activity level. This is called absorption or application of overheads to the products / jobs.

Due to this, at each period end, the management calculates and compares the actual overhead cost with the  applied overhead cost and determine the over or under applied overheads.

4 0
3 years ago
Liquidity is the amount of cash you have plus any other assets that you can quickly convert into cash.
luda_lava [24]
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4 years ago
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