________ proposes a hypothetical sale price for cash. This ...

[fbq8i]

________ proposes a hypothetical sale price for cash. This hypothetical sale takes place in an open and unrestricted marketplace.
 
  A) Book value
  B) Present value
  C) Historical value
  D) Fair market value

Question 2

Assume that Sophia Co pays its employees 250 per day and that pay day falls on Friday. Sophia Co employees work Monday through Friday. Assume the last day of the fiscal period falls on Wednesday, the adjustment for accrued wages would be recorded in the work sheet as a:
 a. credit to wages payable, 1,250.
  b. debit to wages expense, 1,250.
  c. debit to wages expense, 750.
  d. credit to cash, 750.

[Eunice618]

Answer to Question 1

D
Explanation: D) Fair market value proposes a hypothetical sale price for cash. This hypothetical sale takes place in an open and unrestricted marketplace.

Answer to Question 2

C

[fbq8i]

Thanks for the timely response, appreciate it

[mcabuhat]

Excellent