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Problem 4 (14%) Employees of Best Ice Cream work every day each week and collectively earn $250 per day in salaries. They are paid $1,750
Problem 4 (14%) Employees of Best Ice Cream work every day each week and collectively earn $250 per day in salaries. They are paid $1,750 each Friday. The month of June begins on a Saturday. June Tues Paid on Friday Sat Sun Mon Wed Thurs Fri 1 2. 3 4 5 6 7 $1,750 8 9 10 11 12 13 14 1,750 15 16 17 18 19 20 21 1.750 22 23 24 25 26 27 28 1.750 Paid in June $7,000 29 30 July 1 July 2 July 3 July 4 July 5 1,750 For each of the following, show your calculations: A. How much did employees earn in June that will not be paid until July? $ B. How much should appear for salaries on the June Income Statement? C. If the company forgot to make an adjusting entry for salaries on June 30, what incorrect amount, if any, would appear for salaries payable on its June 30 Balance Sheet? $ 6
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