The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet.Prepare the necessary closing entries.
Definitions:
Minimum Wages
The lowest legal wage that can be paid to workers, set by government laws to protect employees from unduly low pay.
Structural Unemployment
A type of unemployment that results from a mismatch between the skills that workers offer and the skills demanded by employers.
Surplus of Labor
A situation in which the supply of labor exceeds the demand for labor, often resulting in unemployment or underemployment.
Minimum-Wage Law
Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers, intended to protect workers from exploitation.
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