HELLO, I NEED HELP WITH NUMBER 7 AND 8. THANK YOU Auto Rx provides auto repair services. Employees are paid weekly on Fridays for a five-day work week and are paid the same amount each day. Financial statements are prepared on July 31, 20x4. Two sliders are provided for dynamic analysis of the adjusting entry. The first slider evaluates the financial statement impact from changing the total weekly payroll. The second slider evaluates the impact from changing the July 31, 20x4 day of week. The slider impact is shown first on a timeline and then in the T-accounts of the accounting equation. Move the first slider to select the total weekly payroll to see how the total payroll affects the T-accounts and timeline numbers. Likewise, move the second slider left and right to see how the July 31, 20x4 day of week affects the T-accounts and timeline numbers. Click here and answer the following questions using the sliders the dynamic timeline, and the T-accounts. If an answer is zero, enter "0". Assume the weekly payroll is $15,000 and July 31, 20x4 occurs on a Thursday in answering questions 1-5: 1. How much of this week's wages expense will be recorded in July? $12,000 2. How much of this week's wages expense will be recorded in August? $ 3,000 3. What is the total cash paid for wages for this week? $ 15,000 4. What is the balance of Wages Payable on July 31, 20x4? $ 12,000 5. What is the balance of Wages Payable on August 1, 20x4? $ 0 6. Assume the weekly payroll is $10,000 and July 31, 20x4 occurs on a Tuesday. How much of this week's wages expense will be recorded in July? $ 4,000 7. What combination of total weekly payroll and day of week produce the smallest wages expense for this week in July? $ _________ , Monday 8. What combination of total weekly payroll and day of week produce the largest wages expense for this week in August? $ _-, Monday

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

HELLO, I NEED HELP WITH NUMBER 7 AND 8. THANK YOU

Auto Rx provides auto repair services. Employees are paid weekly on Fridays for a five-day work week and are paid the same amount each day. Financial statements are prepared on July 31, 20x4. Two sliders are provided for dynamic analysis of the adjusting entry. The first slider evaluates the financial statement impact from changing the total weekly payroll. The second slider evaluates the impact from changing the July 31, 20x4 day of week. The slider impact is shown first on a timeline and then in the T-accounts of the accounting equation.

Move the first slider to select the total weekly payroll to see how the total payroll affects the T-accounts and timeline numbers. Likewise, move the second slider left and right to see how the July 31, 20x4 day of week affects the T-accounts and timeline numbers.

Click here and answer the following questions using the sliders the dynamic timeline, and the T-accounts. If an answer is zero, enter "0".

Assume the weekly payroll is $15,000 and July 31, 20x4 occurs on a Thursday in answering questions 1-5:

1.	How much of this week's wages expense will be recorded in July?
	$12,000

2.	How much of this week's wages expense will be recorded in August?
	$ 3,000

3.	What is the total cash paid for wages for this week?
	$ 15,000

4.	What is the balance of Wages Payable on July 31, 20x4?
	$ 12,000

5.	What is the balance of Wages Payable on August 1, 20x4?
	$ 0

6.	Assume the weekly payroll is $10,000 and July 31, 20x4 occurs on a Tuesday. How much of this week's wages expense will be recorded in July?
	$ 4,000

7.	What combination of total weekly payroll and day of week produce the smallest wages expense for this week in July?
	$ _____________ , Monday

8.	What combination of total weekly payroll and day of week produce the largest wages expense for this week in August?
	$ _______-__, Monday

Expert Solution

Trending now

This is a popular solution!

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