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Employees have worked for the full year and have received total wages of $305 000 in cash. However, they must wait until the next payday
Employees have worked for the full year and have received total wages of $305 000 in cash. However, they must wait until the next payday to be paid for the last three days of the year they have worked. the amount owing is $6 500. Wages expense in the statement of financial performance and accrued wages in the statement of financial position are respectively:
A. $311 500 and $6 500
B. $311 500 and $0
C. $306 000 and $5 500
D. $306 000 and $0
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