Table of contents

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

Employee regular earnings are calculated as:

Gross pay minus payroll deductions

Net sales divided by the number of employees

Hours worked multiplied by the regular hourly rate

Total sales minus sales returns and allowances

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Verified step by step guidance

Understand the concept of 'Employee regular earnings': Regular earnings are typically calculated based on the hours worked and the hourly rate agreed upon between the employer and the employee.

Identify the correct formula for calculating regular earnings: Regular earnings = Hours worked × Regular hourly rate.

Clarify the components of the formula: 'Hours worked' refers to the total number of hours an employee has worked during a specific period, and 'Regular hourly rate' is the fixed amount paid per hour of work.

Ensure no deductions or additional factors are included: Regular earnings do not account for payroll deductions, bonuses, or other adjustments; they are strictly based on hours worked and hourly rate.

Apply the formula to calculate regular earnings: Multiply the total hours worked by the regular hourly rate to determine the employee's regular earnings.