McNeil Company owed its employees for services performed and recorded a liability for the wages owed the employees. Which of the following correctly describes the impact on the financial statements when the employee wages are subsequently paid?
A) Operating expenses are increased.
B) Retained earnings decreases.
C) Operating income does not change.
D) Total assets remain the same.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “McNeil Company owed its employees for services performed and recorded a liability for the wages owed the employees. Which of the following ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Savings leads to capital formation and thus makes funds available to finance home construction and industrial expansion. What is a major tax law incentive to encourage savings? Preferential treatment of private retirement plans encourages saving.
Answers (1)
Ace Manufacturing purchased merchandise inventory for $8,000. At the end of the accounting period it has a market value of $7,800. Using the lower-of-cost-or-market rule, what is the journal entry to record the adjustment
Answers (1)
Bob hasn't been managing his finances very well and is in need of an emergency loan to pay rent. On July 10, he goes to Cash4U for a payday loan and borrows $500. Bob writes a postdated check for $555 which Cash4U will cash 6 days later on July 16.
Answers (1)
Fiona is a manager at tune in solutions. as a leader, she has complete authority to recruit and lay off employees. she also has the authority to reward or punish employees depending on their performance.
Answers (1)
As you have probably noticed, many politicians speak and act as if they were poor economics students. If you hear a politician say "Since we sold 1,000,000 fishing licenses in Florida last year, raising the price of fishing licenses by $2 this year
Answers (1)
New Questions in Business
A firm has three different production facilities, all of which produce the same product ... While reviewing the firm's cost data, Jasmin, a manager, discovers that one of the plants has a higher average cost than the other plants and suggests
Answers (1)
Five jobs are waiting to be processed. Their processing times and due dates are given below. Using the shortestprocessing time dispatching rule, in which order should the jobs be processed?
Answers (1)
Acme Foods wants to make its chips saltier, but it doesn't want to spend more than it has to on salt. A sample of consumers are asked to compare its current chip (saltiness = 100) with saltier versions and to say whether the new version is saltier.
Answers (1)
Which of the following comparisons best isolates the impact of a change in activity on performance?
Answers (1)
If an investor anticipates an annual rental income from a leased property to be $400,000 dollars, this expected sum has a direct bearing on what the investor will pay for the property. This is an example of
Answers (1)