Use the Following Information for Questions

question 44

Multiple Choice

Use the following information for questions.
Silver Ltd.has 35 employees who work 8-hour days and are paid hourly.On January 1, 2017, the company began a program of granting its employees 10 days paid vacation each year.Vacation days earned in 2017 may be taken starting on January 1, 2018.Information relative to these employees is as follows: Silver has chosen to accrue the liability for compensated absences (vacation pay) at the current rates of pay in effect when the vacation pay is earned.
-What is the amount of the Vacation Wages Payable that should be reported at December 31, 2019?

• A)$39,900
• B)$45,360
• C)$47,460
• D)$47,880

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Definitions:

Product Differentiation

The process businesses use to make a product more attractive by distinguishing it from similar products through unique features, branding, and quality.

Monopolistically Competitive

A market structure where many companies sell products that are similar but not identical, allowing for competition based on factors other than price, such as quality and branding.

Profit-Maximizing

The process or strategy of adjusting production and sale operations to achieve the highest possible profit.

Short Run

A period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied.