Ramos Corporation employs 14 workers in its retail service center.Each employee is paid $10 per hour and works six hours per day,Monday through Friday.Employees are paid every Friday for the workweek just ending.The last payday was Friday,December 26,on which day the employees were paid through that date.
A. Compute the dollar amount of the weekly payroll.

B. Determine the effect on the accounting equation of the adjusting entry needed on Wednesday, December 31, the last day of Ramos Corporation's fiscal period.

Question

Ramos Corporation employs 14 workers in its retail service center.Each employee is paid $10 per hour and works six hours per day,Monday through Friday.Employees are paid every Friday for the workweek just ending.The last payday was Friday,December 26,on which day the employees were paid through that date.
 A. Compute the dollar amount of the weekly payroll.

B. Determine the effect on the accounting equation of the adjusting entry needed on Wednesday, December 31, the last day of Ramos Corporation's fiscal period.

Quizplus · Accepted Answer

The Answer of Ramos Corporation employs 14 workers in its retail service center.Each employee is paid $10 per hour and works six hours per day,Monday through Friday.Employees are paid every Friday for the workweek just ending.The last payday was Friday,December 26,on which day the employees were paid through that date.
 A. Compute the dollar amount of the weekly payroll.

B. Determine the effect on the accounting equation of the adjusting entry needed on Wednesday, December 31, the last day of Ramos Corporation's fiscal period.

Ramos Corporation Employs 14 Workers in Its Retail Service Center