A Company's Weekly Payroll Amounts to $50,000 and Payday for the Week

question 6

Multiple Choice

A company's weekly payroll amounts to $50,000 and payday for the week is every Friday.Employees work five days per week, Monday through Friday.The appropriate journal entry was recorded at the end of the accounting period, Monday, March 31, 2016.What amount is wages expense for April for the payday, Friday, April, 4, 2016?

• A) $ -0-
• B) $40,000
• C) $10,000
• D) $50,000

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Definitions:

Monopolistic Competition

A market structure in which many firms sell products that are similar but not identical.

Market Structure

The organizational characteristics of a market, influencing competition and pricing, including perfect competition, monopolistic competition, oligopoly, and monopoly.

Oligopoly

A market structure characterized by a small number of firms dominating the market, often leading to limited competition.

Monopolistic Competition

A market structure characterized by many firms offering products or services that are similar but not perfect substitutes, leading to each firm having some market power.