Jiminy Cricket Co. Jiminy Cricket Co. has a five-day workweek (Monday through Friday). Employees earn $500 per day. Refer to Jiminy Cricket Co. If the month ends on Wednesday, with wages paid on Friday, how much wage expense should be accrued on Wednesday? a. $500 b. $1,500 c. $2,500 d. $1,000 For a corporation, stockholders' equity consists of __________. a. Assets plus liabilities b. Current assets plus long-term assets c. Intangible assets d. Capital stock and retained earnings During July, wage expense of $25,000 was reported on the income statement. If wages payable at July 1st was $2,000, and wages of $20,000 were paid during July, how much was accrued wages payable on July 31st? a. $2,000 b. $1,500 c. $7,000 d. $1,000 A debit memorandum from the bank indicates that the bank has deducted an amount from the depositor's account. True False The following assets are included in Ace Auto Parts, Inc.'s December 31, 2004 balance sheet. Accounts Receivable (net of Allowance for Uncollectable Accounts) $50,000 Accumulated Depreciation, Building 20,000 Building 100,000 Cash 60,000 Land 130,000 Land Held for Future Use 40,000 Merchandise Inventory 70,000 Trademark 110,000 The total dollar amount of assets classified as property, plant, and equipment on Ace Auto Parts' December 31, 2004 classified balance sheet is __________. a. $210,000 b. $230,000 c. $360,000 d. $420,000