Merando Industries Employs a Five-Day Workweek and a September 30

question 120

Multiple Choice

Merando Industries employs a five-day workweek and a September 30 year-end.Normal weekly wages amount to $36,000.If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end?

• A)Dr Salaries and Wages Expense $21,600 Cr Salaries and Wages Payable $21,600
• B)Dr Salaries and Wages Expense $36,000 Cr Salaries and Wages Payable $36,000
• C)Dr Salaries and Wages Expense $7,200 Cr Salaries and Wages Payable $7,200
• D)Dr Salaries and Wages Expense $21,600 Cr Cash $21,600

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Definitions:

Pay Range

The scale of minimum to maximum pay established for a specific job or job category, aimed to competitive while reflecting experience, performance, and skill level.

Ontario Pay Equity

A policy in Ontario, Canada, requiring employers to compensate employees in female-dominated job classes at rates equal to employees in male-dominated job classes when the jobs are of comparable value.

Female Job Classes

Employment categories designated for or predominantly occupied by women, often discussed in the context of equal pay and job evaluation.

Labour Market Conditions

The dynamics of supply and demand for labor, including factors like unemployment rates, skill shortages, and economic trends affecting workforce availability and wages.