During the year 2020, Company A paid $240,000 in wages to its employees. Company A's balance sheet shows that the wages payable account increased from $15,000 on January 1, 2020 to $30,000 on December 31, 2020. What amount would Company A show on its income statement for wages expense for the year ended 2020?

During the year 2020, Company A paid $240,000 in wages to its employees. Company A's balance sheet shows that the wages payable account increased from $15,000 on January 1, 2020 to $30,000 on December 31, 2020. What amount would Company A show on its income statement for wages expense for the year ended 2020?

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 17PB

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Question

During the year 2020, Company A paid $240,000 in wages to its employees. Company A's balance sheet
shows that the wages payable account increased from $15,000 on January 1, 2020 to $30,000 on
December 31, 2020. What amount would Company A show on its income statement for wages expense for
the year ended 2020?

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