Financial Accounting Quiz

An employee works five days during the last week of the year and earns $1,250 a week. Three of those days fall in fiscal year 1 and two of the days fall in fiscal year 2. Salary expense for Year 2 should be accrued at:

A) $1250

B) $750

C) $500

D) $250

Reveal the Answer

The answer is C) $500

($1250/5)*2 = $500

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