A Company Whose Fiscal Year Ends December 31, Has a Weekly

question 164

Multiple Choice

A company whose fiscal year ends December 31, has a weekly payroll of $100,000. Employees work 5 days per week, Monday through Friday and payday is every Friday. How much wages expense will be recorded on the Friday, January 3 payday?

• A)$0
• B)$40,000
• C)$60,000
• D)$100,000

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Definitions:

Antitrust Laws

Legislation enacted by governments to prevent unfair competition, monopolies, and other practices that could detrimentally impact market health and consumer choice.

Monopolistic Competition

A market structure characterized by many producers selling products that are similar but not identical, leading to competition based on price, quality, and innovation.

Market Share

The share of the market held by a specific company or product, typically represented as a percentage of the overall sales in that industry.

Oligopoly

A market structure characterized by a small number of firms that control a large majority of the market share, often leading to limited competition.