Wages and Salaries Payable Would Be Used to Record

question 56

Multiple Choice

Wages and Salaries Payable would be used to record:

• A) gross earnings of the employees paid.
• B) net earnings of the employees not paid.
• C) straight-time pay only.
• D) the paid portion of the earnings.

---

Definitions:

Willing Supplier

An entity or individual that is ready and able to provide goods or services at a certain price.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive in the market.

Market Price

The ongoing value at which a commodity or service is offered for buy or sell in a trading environment.

Producer Surplus

The gap between the amount sellers are prepared to accept for a product and the actual selling price they obtain.