Executive, Inc has a weekly payroll of $10,000 for a 5-day workweek, Monday through Friday. If December 31, the last day of the accounting year, falls on Thursday, Executive would make an adjusting entry that would
a. increase Wages Expense $8,000.
b. decrease Wages Payable $2,000.
c. decrease Cash $8,000.
d. increase Wages Payable $2,000.
a
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Which of the following statements is not accurate with respect to accounting for other post-retirement plan benefits (OPEB)?
A. A decrease in the discount rate assumption used may lead to a large gain for a company. B. A company which shifts its former salaried employees from its post-65 retiree health plan to spending accounts that allow participants to buy health care from private exchanges creates a reduction in earned benefits referred to as a negative plan amendment. C. The actuarially determined service cost of the plan is accrued over the required years of service to participate in the postretirement benefit plan (e.g. 10 years). D. Firms are required to make sensitivity disclosures regarding the effect of a 1% increase or decrease in the health care trend rate assumption.
Ann Co uses the dollar-value LIFO retail method. The beginning inventory, purchased when the price index was 100, had a retail value of $4,000 and a cost of $3,600. During the period, purchases amounted to $60,000 at retail ($52,800 at cost). Sales amounted to $56,300. The year-end price index was 110. What is the cost of ending inventory?
A) $6,240 B) $6,504 C) $6,570 D) $6,900
Who monitors the validity of comments made on social media?
A) The Federal Trade Commission B) Individual businesses C) Yelp D) Social Trends Report E) The Lanham Act
Variable costs within the relevant range
A) stay constant on a per unit basis as output changes B) increase in total as output increases C) decrease in total as output decreases D) all of the answers are correct