General-merchandise wholesalers are full-service merchant wholesalers who carry only a few product lines.
Answer the following statement true (T) or false (F)
False
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Proctor Inc has a weekly payroll of $8,000 for a 5-day workweek, Monday through Friday. If December 31, the last day of the accounting year, falls on Wednesday, Proctor would make an adjusting entry that would
a. increase wages expense $4,800. b. decrease wages payable $4,800. c. decrease cash $4,800. d. increase wages payable $8,000.
Goods held on consignment are
A) kept for sale on the premises of the consignee. B) included as part of no one's ending inventory. C) owned by the consignee. D) included in the consignee's ending inventory.
Which of the following enables companies to eliminate the costs associated with shift work?
A. follow the sun support B. one global support desk C. regional in country service desks D. local service desks
All of the following are estimated liabilities except
A) liability for vacation pay. B) payroll liabilities. C) product warranty liability. D) property tax liability.