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During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year- end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000

During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year- end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year- end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000
Transcribed Image Text:During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year- end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000
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