i'm confused with this terms 1. It is usually associated with employee compensation that is based on the number ofhours worked multiplied by an hourly rate of pay.B. wageC. incomeD. benefitA. salary2. It is a fixed amount usually associated with employee compensation usually received ona monthly or semi-monthly basis, but it may be quoted in an annual sum.A. salaryB. wageC. incomeD. benefit3. It is an employee compensation given by an employer other than the basic salary/wage.It may come in the form of cash or in kind.A. salaryB. wageC. incomeD. benefit4. It is the total amount that people earn in exchange of the goods, employment,businesses, investments and professional services that they have rendered.D. benefitA. salaryB. wageC. income

As per the guidelines, only one question is allowed to be answered so I am answering the first…

Answered: It is usually associated with employee…

It is usually associated with employee compensation that is based on the number of hours worked multiplied by an hourly rate of pay.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2EB: Identify whether each of the following transactions, which are related to expense recognition, are...

See similar textbooks

Related questions

Q: a. Calculate and interprete the following ratios Receivables days Payables days Inventory days

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $46,000 on January 2, 2019.…

A: Solution Concept Under the straight line method , the depreciation is charged uniformly over the…

Q: Determine the missing Land balance. Cash Supplies Inventory Land Buildings, Net of Accumulated…

A: Formula: Total assets = Total liabilities + Shareholders Equity Total assets - Total liabilities -…

Q: EzTech, a calendar year accrual basis corporation, generated $994,300 ordinary income from its…

A: PART A 1)EzTech profit and loss from the sale of company assets are calculated and classified as…

Q: On the first day of its fiscal year, Chin Company issued $20,300,000 of five-year, 11% bonds to…

A: Bonds is one of the important liability of the business, on which regular interest payments needs…

Q: Reviewing GM's financial information in GM Exhibit 1 and its stock price in GM Exhibit 2, when do…

A: Here discuss about the details of financial crisis which are involved with the General Motors (GM)…

Q: Problem 16-1 (IAA) Roxas Company reported the following net income: 2020 2021 1,750,000 2,000,000 An…

A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…

Q: Accounts Receivable Accounts Payable Accumulated Depreciation Cost of Goods Sold Depreciation…

A: Solution Concept The operating income is the income that is generated from the operating activities…

Q: The condensed income statement for Monroe Corp. for the past year is as follows: Product В C Sales…

A: If product B is discontinued then Total Fixed costs will be allocated to product "C" Because Fixed…

Q: Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid…

A: The financial statements are prepared by the business entity to show the performance of the…

Q: Question 4 Good cost planning requires a basic understanding of how organizations account for…

A: Answer:- 4 Characterization of cost components:- 1. Materials:- The cost of the materials needed to…

Q: Plano Products manufactures a wide variety of chemical compounds and liquids for Industrial uses.…

A: Direct Material Variance is the difference between the Total Cost of actual materials used for the…

Q: A $210 petty cash fund has cash of $40 and receipts of $167. The journal entry to replenish the…

A: A petty cash fund is prepared to payout minor miscellaneous expenses such as office supplies, sundry…

Q: What would be the most likely cause of an unfavorable pay rate variance together with a favorable…

A: when we talk in context of the counting the variance implements the difference between the busted…

Q: Complete for Cash: 2011 $12,000 2012 $16,000 Increase Amount ___A___ %(to nearest hundredth%)…

A: Horizontal analysis is the way to calculate the variance from the different year by year to show an…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…

Q: An asset was purchased for $124,000 on January 1, Year 1 and was originally estimated to have a…

A: The depreciation expense is charged on fixed asset as reduction in the value of fixed assets with…

Q: a) An entity has to maintain its records property so that the business can run efficiently and that…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Using the information calculate ROI Income 6,000 Revenue 24,000 Average assets 10,000

A: Return on investment is calculated by dividing the Income by Average assets. Formula: ROI = Income /…

Q: Pompeii's Pizza has a delivery car that it uses for pizza deliveries. The transmission needs to be…

A: The present value of a future amount of money or stream of cash flows with a fixed rate of return is…

Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…

A: Ratio analysis helps the stakeholders of the business organization to know about the performance of…

Q: Springfield Corporation, whose tax rate is 30%, has two sources of funds: long-term debt with a…

A: EVA= NOPAT - WACC * capital invested Cost of capital = $ 84000000*8%+ 14000000*7% = $ 1652000

Q: 22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Selected transactions completed by Breezeway Construction during the current fiscal year are as…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: Asset turnover Gearing Ratio

A: Financial ratios: Financial ratios are performance measurement methods used by the company to…

Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…

A: A series of high-level reports that describe an organization's financial performance, financial…

Q: Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley…

A: Closing entries are used to close the temporary accounts. These are closed by using adjusting…

Q: TRUE OR FALSE 1. Under job order costing system, costs are accumulated per batches. 2. Job cost…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: The voucher system of control: Multiple Choice Establishes procedures for receiving checks for the…

A: A voucher system is a technique of approving the distribution of money. A voucher is completed,…

Q: Cash Dividends on Common Stock

A: Shares purchased as Treasury stock is not outstanding. So , no Dividend is declared on shares…

Q: Sandhill Construction Company began work on a $402,000 construction contract in 2020. During 2020,…

A: A) Percentage of completion method:- First of all we need to calculate Total estimated cost of…

Q: Mary Stahley invested $3500 in a 48-month certificate of deposit (CD) that earned 9.5% annual simple…

A: Solution Concept Simple interest is calculated on the beginning principle and no interest is charged…

Q: ired to remit this payment?

A: As per IRS ,if the due date for payment of federal tax falls on Saturday , Sunday or national…

Q: Question Content Area Preferred and Common Stock Dividends Delafield Corporation has a single class…

A: Dividends refers to the payments that is made by the entity to its shareholders in return for the…

Q: PROBLEM 2: ALCOGIN CORP inventories for the month of March were as follows: March 1 March 31 Direct…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Stone has provided the following information on its available-for-sale securities: Amortized cost as…

A: Mark-to-market helps in valuing accounts at fair value which changes with passage of time. These…

Q: The amount of increase or decrease in cost that is expected from a particular course of action as…

A: Discretionary cost: A discretionary expense is a cost that a business or household can survive…

Q: Accounts Receivable $1,000 Accounts Payable 100 Accumulated Depreciation (4,000) Cost of Goods Sold…

A: Net profit margin = Net Income / Net Sales where, Net income is calculated after deducting the total…

Q: or producers of pre-fabricated houses in the home building industry. The corporation consists of two…

A: The financial reporting system refers to the form of an accounting practice under which the…

Q: When you reward the talents of society values, does it govern social and economic inequalities

A: there is no concept exist like talent because every individual have the unique quality and they have…

Q: PROBLEM 1: CANVAS IS LIFE CORP uses a predetermined overhead rate based on machine hours to apply…

A: Lets understand the basics. Total manufacturing cost is total of all direct material cost, direct…

Q: ercise this option. Lorries have a useful economic 1 ars. Fase payments are $10,000 per year for the…

A: Lease Accounting

Q: QUESTION 35 Quiche & Tell, Inc., is a catering business. Direct labor costs are $15 per hour and…

A: Total cost = Direct Material + Direct labor + overhead

Q: Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil,…

A: Solution:- 1)Calculation of the profit normally earned on one production run of Refined Oil and Top…

Q: ABC Company has received a request for a special order of 6,000 units of product A for $21.20 each.…

A: Increase (decrease) in operating income if special order is accepted = (Sales price per unit -…

Q: Vertical Analysis of Income Statement For 20Y2, Fielder Industries Inc. initiated a sales promotion…

A: Solution:- 1)Preparation of a comparative income statement for the two-year period, presenting an…

Q: Gunnar Company gathered the following reconciling information in preparing its September bank…

A: Bank reconciliation refers to the process of matching the bank book and cash book maintained by the…

Q: utumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture…

A: Answer a) The due date of note received will be 120 days from the date of issue of note (i.e., April…

Q: Which of the following statements is true about the Days' Cash on Hand ratio? a.It is not useful in…

A: The company would calculate its cash on hand ratio by dividing the cash and cash equivalent by the…

Q: PROBLEM NO. 3 In the audit of the books of Greenwich Company for the year 2020, the following items…

A: Accumulated depreciation is the overall amount of a company's asset depreciation, whereas…

Question

i'm confused with this terms

1. It is usually associated with employee compensation that is based on the number of
hours worked multiplied by an hourly rate of pay.
B. wage
C. income
D. benefit
A. salary
2. It is a fixed amount usually associated with employee compensation usually received on
a monthly or semi-monthly basis, but it may be quoted in an annual sum.
A. salary
B. wage
C. income
D. benefit
3. It is an employee compensation given by an employer other than the basic salary/wage.
It may come in the form of cash or in kind.
A. salary
B. wage
C. income
D. benefit
4. It is the total amount that people earn in exchange of the goods, employment,
businesses, investments and professional services that they have rendered.
D. benefit
A. salary
B. wage
C. income

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

2. Calculate the EI and CPP for the following employees. Find the employer portion as well. a. Biweekly salary of 2000 b. Weekly salary of 1100
If an employee's income is reported based on the total amount received in a year, what basis is the employment income at? Question 1 options: a) Basic b) Accrual c) Cash d) Net
Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480
Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the blank 2 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Married Filing Jointly Head of Household Single or Married Filing Separately At least But less than Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding The Tentative Withholding Amount is: $380$390$400$410$420 $390$400$410$420$430…
What is the salary allowances of 47000, and 59000 respec and the balance divided equally
Can you help with this question, please? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly Starr, P. MFJ N/A 1,929 weekly McNeil, S. S N/A 1,775 biweekly Harrison, W. HH N/A 2,580 semimonthly Smythe, M. HH N/A 5,380 monthly
Take home pay or net pay means: a. gross pay less all deductions b. gross pay plus the amount paid for you by your employer for SSS premiums and Medicare Contributions c. amount earned per hour times number of hours worked d. gross pay less income tax withheld
Hello, can you help me with this question? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly $fill in the blank 1 $fill in the blank 2 Starr, P. MFJ N/A 1,929 weekly fill in the blank 3 fill in the blank 4 McNeil, S. S N/A 1,775 biweekly fill in the blank 5 fill in the blank 6 Harrison, W. HH N/A 2,580 semimonthly fill in the blank 7 fill in the blank 8 Smythe, M. HH N/A 5,380 monthly fill in the blank 9 fill in the blank 10
When determining the liability for compensated absences, the amount should be based on1. an average of the last three year's rates of pay when employees earn the right to the compensated absences.2. the current or future rates (if known) of pay expected to be paid when employees use compensated time.3. the PV (present value) of the amount expected to be paid in future periods.
An employee earns $1,500 a week and the deductions from that amount for her contributions to EI, CPP, and income taxes are $185. The company must contribute an additional $105 for EI and CPP. How much would the company record as salary expense for that week? a) $1,605 b) $1,420 c) $1,790 d) $1,500
Gross pay is: Deductions withheld by an employer Salaries after taxes are deducted Total compensation earned by an employee before any deductions The amount of the paycheck
(16) Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the blank 2