If Minimum Wage Is $7

question 145

Essay

If minimum wage is $7.25,why can servers be paid $2.13?

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Definitions:

Current Asset

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of a business.

Periodic Inventory System

An accounting method where inventory values and cost of goods sold are determined at the end of an accounting period.

Merchandise Inventory

refers to the goods available for sale to customers in the retail and wholesale industries.

Cost of Merchandise Sold

The total expense incurred by a business to sell goods over a period, including the cost of acquiring or manufacturing those goods.