The Weekly Salaries Bill for Credo Ltd Is $70 000

question 28

Multiple Choice

The weekly salaries bill for Credo Ltd is $70 000 for a five-day working week.Employees are paid on Friday for work completed to Thursday.If 30 June 2016 fell on a Wednesday,what would be the accrued salaries payable on 30 June 2016?

• A) $42 000
• B) $28 000
• C) $14 000
• D) None of the answers provided

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Definitions:

Short Run

A time period in which at least one factor of production is fixed, limiting the ability of firms to adjust to market changes.

Long Run

A period in which all factors of production and costs are variable, allowing full industry adjustment.

Labor Supply

Refers to the total hours that workers or the labor force are willing to work at a given wage rate.

Apple Pickers

Workers or laborers who specialize in harvesting apples from orchards during the picking season.