A company's weekly payroll amounts to $50,000 and payday for the week is every friday. employees work five days per week, monday through friday. the appropriate journal entry was recorded at the end of the accounting period, monday, march 31, 2016. what amount is wages expense for april for the payday, friday, april, 4, 2016?

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Business

Rex Hooper

21 March, 05:12

A company's weekly payroll amounts to $50,000 and payday for the week is every friday. employees work five days per week, monday through friday. the appropriate journal entry was recorded at the end of the accounting period, monday, march 31, 2016. what amount is wages expense for april for the payday, friday, april, 4, 2016?

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Miranda · Answer 1

The total payroll amount is $50,000 per week.

Since there are only 5 work days per week (Monday to Friday), therefore the employees wage per day is:

Employees wage per day = $50,000 / 5 = $10,000

For the payday on April 4, the wages expense covered for this would be from April 1 to April 4 since the accounting period ended on March 31. Therefore wages expense in the journal entry would be calculated using 4 days.

Wages expense for April for the payday April 4 = Employees wage per day * Number of days

Wages expense for April for the payday April 4 = $10,000 * 4

Wages expense for April for the payday April 4 = $40,000