Emory Cooperates Five Days Per Week with a Daily Payroll of of $4,000.Employees

question 184

Multiple Choice

Emory Co.operates five days per week with a daily payroll of $4,000.Employees are paid every Saturday for the workweek just completed (Monday through Friday) .The last day of the month is Wednesday,March 31.What is the effect of the correct adjustment at March 31?

• A)Increases Stockholders' Equity and Wages Payable by $8,000
• B)Increases Wages Payable and decreases Cash by $12,000
• C)Decreases Stockholders' Equity and increases Wages Payable by $12,000
• D)Increases Wages Payable and increases Wages Expense by $8,000

Determine sales variances, including sales price and sales volume variances.

Understand the computation and significance of absorption rates in standard costing.

Analyze production efficiency through direct labor hour variances.

Interpret sales mix and sales quantity variances for decision-making.

---

Definitions:

Supply Schedule

A table or graph showing the quantity of a good or service that producers are willing and able to supply at various prices.

Quantity Supplied

The inventory of products or services that is put up for sale by producers at a specified rate.

Price

The amount of money required to purchase a good or service in the market.

Supply Curve

The supply curve is a graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply.