Brandie Is an Hourly Worker Whose Employer Uses the Quarter-Hour

question 20

Multiple Choice

Brandie is an hourly worker whose employer uses the quarter-hour method.During a one-week period,she worked the following hours: $$\begin{array} { | l | c | c | c | c | } \hline \text { Day } & \text { In } & \text { Out } & \text { In } & \text { Out } \\\hline \text { Monday } & 8 : 03 & 12 : 00 & 1 : 03 & 5 : 04 \\\hline \text { Tuesday } & 7 : 57 & 11 : 45 & 12 : 42 & 4 : 56 \\\hline \text { Wednesday } & 8 : 08 & 12 : 15 & 1 : 20 & 5 : 03 \\\hline \text { Thursday } & 8 : 02 & 12 : 28 & 1 : 25 & 4 : 58 \\\hline \text { Friday } & 7 : 52 & 12 : 05 & 12 : 58 & 5 : 12 \\\hline\end{array}$$ Using the quarter-hour method,how many hours did she work that week?

• A) 39.50 hours
• B) 39.75 hours
• C) 40.00 hours
• D) 40.25 hours

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Definitions:

Temporary Use

The use of an asset or resource for a limited period of time, not intended for long-term or permanent use.

Premium Amortization

Premium amortization is the process of gradually reducing the premium paid above the face value of a bond over its lifetime until it reaches its par value.

Bond Amortization Schedule

A table detailing each periodic payment on a bond issue through amortization, showing the amount of interest and principal included in each payment until the bond matures.

Interest Expense

Interest expense is the cost incurred by an entity for borrowed funds, represented as a charge against earnings on the income statement.