Semimonthly Payroll Involves a Pay Cycle in Which Pay Disbursements

question 18

True/False

Semimonthly payroll involves a pay cycle in which pay disbursements occur every two weeks.

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Definitions:

Gross Amount

The total of all amounts before any deductions are made, such as taxes or discounts.

Retailer

A business that sells goods directly to consumers, typically operating out of physical stores or online platforms.

Note Receivable

An asset account on a company's balance sheet representing a promise by a debtor to pay a certain amount of money to the company in the future.

Written Promise

A formal pledge, often in the form of a document, affirming that one party agrees to perform or refrain from a specific action.