If wages expense is $360,000 and the beginning and ending Wages Payable balances are $40,000 and $60,000, respectively, cash paid to employees for wages is:Select one:O A. $300,000OB. $380,000OC. $340,000OD. Not able to be determined from the information given

Cash flow statement is a financial statement which shows the inflow and outflow of cash of the…

Answered: cash paid to employees for wages is:

Business

Accounting

cash paid to employees for wages is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: Performs an analysis of the rules and laws that regulate mandatory discounts and payments that…

A: Payroll Rules: According to the FLSA, people who are subject to its provisions must maintain…

Q: Element of financial position is a) Cash. b) Interest

A: This is a multiple-choice question for elements of financial statement in which we have to choose…

Q: An employee opens customer payments, records them, and delivers the deposit to the bank is pressure,…

A: Fraud triangle is a theory used in auditing according to which there are three elements to cause the…

Q: Wages paid to employees are expenses revealed on the company's income statement. Group of answer…

A: Correct Answer:- True Supporting Reasons:- (i). Income Statement Overview:The income statement,…

Q: True

A: Financial transactions are the monetary transactions which are initially recorded in the journal to…

Q: In quickbooks, What is the process for setting up the payroll system?

A: QuickBooks: QuickBooks are accounting software that provides various types of tools to manage your…

Q: hich of the following statements are true regarding supplies used on the job by an employee that the…

A: Reimbursement is a financial procedure that compensates or reimburses an individual or institution…

Q: what is the gournal jeneral entry for: 1. purchase goods for cash. 2. paid wages

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Describe the uses of payroll register in business.

Q: The deparment that should pay the payroll is the: a. payroll deparment b. human resources…

A: Each business organization categorized their operations into different departments for example…

Q: Question: List and briefly explain any Two Payroll System Controls. briefly explain.

A: Internal Control - Internal controls are the systems, guidelines, and practices that a business uses…

Q: Question: What are payroll internal controls? briefly discuss.

A: Internal controls refer to those measures which helps in effective and smooth running of the…

Q: Amounts that come from accounts of unvested employees that can be directed/contributed to the…

A: Unvested stocks are those stocks that are set aside for the employees which has not been vested due…

Q: Net Pay is: Group of answer choices credited to Salaries Payable. Credited to Salaries Expense.…

A: Correct answer in 'Credited to Salaries Payable.'

Q: The time between the acquisition of inventory and the collection of cash from receivables is called…

A: Options given are:Cash cycleOperating cycleAccounts receivable periodInventory period

Q: How does a Cash Clerk work? His/Her jobs and how does he/she do it? (Please be elaborate and…

A: A cashier clerk is largely responsible for consumer cash transactions. They can work in a variety of…

Q: Describe Payroll-Related Liabilities.

A: Payroll liabilities are basically any amount that the entity owes to its employees or tax…

Q: What are the risks prevalent in a payroll system?

A: Payroll system is generally the system used in an organization to manage the salary and wages…

Q: Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…

A: Journal entry to record the payroll wages. Reason of debit and credit of accounts. Payroll is…

Q: How might a business use a payroll register?

A: Definition: Payroll register: A schedule that is maintained by the company to record the earnings,…

Q: Net income is the amount of money you earn before deductions money earned from working, investments,…

A: Net Income is also known as net profit.

Q: your view, what would cause the cash book of an enterprise to disagree with the bank statement at…

A: Disagreement between bank statement and books reasons 1. Outstanding checks- Depositor credits his…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: One of the staff members asks you to explain the difference between the terms gross and net on the…

A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…

Q: Describe the costs and the basic accounting activities relationg to payroll

A: Payroll:- Payrolll may be a list of workers who get paid by the corporate. Payroll also refers to…

Q: aves owed to the government and Wages

A: Secured liabilities are those which are secured for payment. So in case of…

Q: a. What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary?

A: Entries to record partner draws are made during the accounting period and at the end of the…

Q: The payroll register should be retained for the same amount of time as other payroll documents. True…

A: Payroll records includes the documents pertaining to employee's pay that a company needs to maintain…

Q: Question 1: What should an employer use to complete Form W-3? Answer: A. O Employee earnings records…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Why would a company have a separate bank account designated for paying payroll-related expenses?

A: Payroll related expenses are generally the salary and wages expenses that are paid out to employees,…

Q: When transferring money from the regular checking account to a special purpose payroll account which…

A: A checking account, also known as a transactional or demand account, is a type of bank account that…

Q: What are the principal reasons for using a special payroll bank account

A: A payroll account is a separate bank account for your business that is exclusively used to pay…

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: What is the difference between: Salaries and wages expense on the income statement And Salaries and…

A: The income statement and balance sheet are the financial statements of the business.

Q: employeus contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of…

A: Employer also contribute to contribution plan record as expense

Question

If wages expense is $360,000 and the beginning and ending Wages Payable balances are $40,000 and $60,000, respectively, cash paid to employees for wages is:
Select one:
O A. $300,000
O
B. $380,000
O
C. $340,000
O
D. Not able to be determined from the information given

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Solution

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Insurance Contributions Act (FICA)

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Why do some employers use credit reports before hiring a new employee? How can having a past due bill on your credit report impact your ability to get hired for your dream job?
What functions can be performed by an automated payroll system?
The payroll information for a pay period is recorded in the general ledger. True False
ebtors, inventories and bills receivable etc. that gets converted into cash within one operating cycle of business is known as
Payroll Accounting What information appears on the payroll register? What records are needed for an employer to prepare an employee's W-2? When should postings be made to employee's earnings record?
Sheffield Corp. provides financial consulting and has collected the following data for the next year’s budgeted activity for a lead consultant. Consultants’ wages $100000 Fringe benefits $32500 Related overhead $27500 Supply clerk’s wages $17500 Fringe benefits $3000 Related overhead $19000 Profit margin per hour $20 Profit margin on materials 18% Total estimated consulting hours 5000 Total estimated material costs $158000 The material loading charge is?
What is the essentiality of knowing the computation of payroll
Question: Why payroll internal controls are important? briefly explain.
When setting up an employee in payroll, where can you enter the information that the employee will be receiving payments by cheque? Select one: In the pay schedule window In the employee withholdings window In the payment options window In the pay types window
what kind of account is contract fees
The payroll register layout is different for each company. True or False