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:

Dizygotic Twins

Also known as fraternal twins, these are siblings born at the same time who develop from two separate eggs fertilized by two different sperm.

Fertilized Egg

An egg cell that has been penetrated by a sperm cell, beginning the process of development into a new organism.

Embryos

Early developmental stages of organisms following fertilization, before they reach the fetal stage.

Cross-Sectional Design

A study approach that examines information from an entire population or a representative sample at a particular moment.