Question: 1. At the end of an accounting period, it was determined that employee wages of $858 and management salaries of $1,400 have been earned. Journalize the entry to accrue the wages and salaries expense.
2. A restaurant reported the following for the first quarter of Year 2007: Sales revenue (SR) of $420,680, cost of sales (CS) $201,928, and total expenses (E) of $175,170. Find the gross margin (GM) and net income (NI).