Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

4. Merchandising Operations

Net Sales

Financial Accounting

4. Merchandising Operations

Net Sales

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Multiple Choice

Leeann works 20 hours per week and earns \$15 per hour. What is her total pay for one year, assuming she works every week of the year?

$12,000

$18,000

$15,600

$20,800

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Verified step by step guidance

Step 1: Determine Leeann's weekly earnings by multiplying her hourly wage by the number of hours she works per week. Use the formula: Weekly Earnings = Hourly Wage × Hours Worked Per Week. In MathML:

Weekly Earnings = Hourly Wage \times Hours Worked Per Week

Step 2: Calculate the total number of weeks in a year. Since Leeann works every week of the year, there are 52 weeks in a year.

Step 3: Multiply Leeann's weekly earnings by the total number of weeks in a year to find her annual pay. Use the formula: Annual Pay = Weekly Earnings × Number of Weeks in a Year. In MathML:

Annual Pay = Weekly Earnings \times Number of Weeks in a Year

Step 4: Substitute the values into the formulas. Leeann's hourly wage is $15, she works 20 hours per week, and there are 52 weeks in a year.

Step 5: Perform the calculations step by step to arrive at the total annual pay. First, calculate the weekly earnings, then multiply by the number of weeks in a year.