[setmefree]

Hello, how do I solve this question?

Lind Co.’s salaries expense of $10,000 is paid every other Friday for the 10 workdays then ending. Lind’s employees do not work on Saturdays and Sundays. The last payroll was paid on June 18. On Wednesday, June 30, the month-end balance in the salaries expense account before accruals was $14,000. What amount should Lind report as salaries expense in its income statement for the month ended June 30?
$24,000
$22,000
$20,000
$18,000

[turo9992000]

They are paid $10,000 for 10 workdays, in other words they are paid $1,000 a day. If the month ends on a wednesday, then that means that there was 4 complete weekends in June, 30 days less 8 unpaid days =22 workdays.

22X1,000= $22,000

Is it right?

AUD - 64, 80 Passed on 10/09/17

BEC - 75 Passed on 12/09/17

FAR - 69, 71, 73, 83 Passed on 06/10/18

REG - 81 Passed on 09/10/17

[setmefree]

It is 22K, you seem really well prepare. cheering for your last exam.

[Anonymous]

I was just in the middle of my sample test then received an error message that shut me out! Has anyone encountered this problem? It happened to me the other day as well, but before I could even start the exam.

[turo9992000]

Thanks @setmefree, I'm probably going to fail though.

AUD - 64, 80 Passed on 10/09/17

BEC - 75 Passed on 12/09/17

FAR - 69, 71, 73, 83 Passed on 06/10/18

REG - 81 Passed on 09/10/17

[setmefree]

@turo9992000, you know the materials, just walk into the center with confident and nail the exams. we are in similar situation, I failed Far twice with a 69 and a 73, this exam give me so much aniexty.

@ICanandWillCPA, this happened to me as well, I will retry today

[NIki1124]

Hi can you help me explain how did you get 30 -8 = 22. That's what I am struggling to get.

Thanks

Niki

[Salvador]

What they're saying is that in a month, there are 4 weeks, right? That means there are 4 weekends per month. Because the employees do not work weekends, that means that we do not consider 4 weekends (8 days; Saturday and Sunday) as part of the amount included in salaries expense. Because June is only 30 days, that means we have to subtract the four weekends from the total amount of days in the month. In other words, 30 – 8 = 22 workable days. At the end of the month, assuming all days were worked, you multiply the amount of workable days by the expense per day.

[Author]

Replies