Employees Have Worked for the Full Year and Have Received

question 24

Multiple Choice

Employees have worked for the full year and have received total wages of $305,000 in cash. However, they must wait until the next payday to be paid for the last three days of the year they have worked. The amount owing is $6,500. Wages expense in the statement of financial performance and accrued wages in the statement of financial position are respectively:

• A)$311,500 and $6,500.
• B)$306,000 and $5,500.
• C)$306,000 and $0.
• D)$311,500 and $0.

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Definitions:

Testes

Male reproductive organs that produce sperm and hormones, including testosterone.

Kidneys

Organs in the urinary system responsible for filtering waste products from the blood and excreting them in urine.

Ovaries

Female reproductive organs in vertebrates that produce eggs (ova) and hormones like estrogen and progesterone.

Adrenal Hormones

Chemical messengers produced by the adrenal glands, involved in stress responses, metabolism, immune system, and other bodily functions.