Asked by Mrs. Steph Bishop on Jul 05, 2024
Verified
Belvedere, Inc. has an annual payroll of $250,000. The firm pays employees every two weeks on Friday afternoon. Last month, the books were closed on the Thursday after payday. How much is the payroll accrual at the end of the month? (Round to nearest $)
A) $2,852
B) $3,846
C) $4,780
D) $5,119
Payroll Accrual
The process of recording salaries and wages that have been earned by employees but not yet paid by the company.
Books Closed
A term referring to the point at which an accounting period is concluded and all financial statements are finalized.
Payday
The day on which an employee receives their salary or wages, typically occurring on a regular basis.
- Understand the mechanism of accruing payroll and its importance in the realm of financial accounting.
Verified Answer
Learning Objectives
- Understand the mechanism of accruing payroll and its importance in the realm of financial accounting.
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