During the year 2024 a company paid cash for their employees salaries amounting to $100,500. The year-end balances in the salaries payable account were $34,000 at December 31. 2023 and $36,000 at December 31. 2024. Determine the amount of "Salary Expense" the company would report on its 2024 Income Statement:
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- Need answerThe income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600Ans?? General Accounting question
- Kingbird, Inc. reported income taxes of $421,800,000 on its 2022 income statement and income taxes payable of $315,780,000 at December 31, 2022, and $601,920,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes $Bata Company's salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2022 is as follows: Employee advances Accrued salaries payable Salaries expense during the year Salaries paid during the year (gross) 12/31/21 12/31/22 $12,000 $ 18,000 75,000 ? 650,000 625,000 At December 31, 2022, what amount should Bata report for accrued salaries payable?Financial accounting
- For the year ended December 31, 2022, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Deductions: Total FICA taxes Federal income taxes withheld State income taxes withheld (3%) V United Fund contributions payable Health Insurance premiums Total (a) (b) Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000, and gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. No. Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable (Round answers to 0 decimal places, eg.…General Accounting questionDuring 2021, Smooth Ride Airlines paid salary expense of $38.3 million. At December 31, 2021, Smooth Ride accrued salary expense of $2.2 million. Smooth Ride then paid $2.9 million to its employees on January 3, 2022, the company's next payday after the end of the 2021 year. For this sequence of transactions, show what Smooth Ride would report on its 2021 income statement and on its balance sheet at the end of 2021. Complete the table below to show what Smooth Ride would report on its 2021 income statement. (Enter amount in millions as provided to you in the problem statement, $X.X.) Income Statement account 2021 (amount in millions) Complete the table below to show what Smooth Ride would report on its 2021 balance sheet. (Enter amount in millions as provided to you in the problem statement, $X.X.) Balance Sheet account 2021 (amount in millions)
- On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached a. P 100,000b. P 94,000c. P 82,000d. P 35,000Get correct answer accounting questionsWinter Company earned revenues of $340,000 in cash and $425,000 on account during 2020. Of the $425,000 on account, $140,000 was collected in cash in 2020 and the rest in 2021. The company incurred expenses of $240,000 in 2020 and made payments of $120,000 towards the expenses in 2020. What is net income in 2020 under accrual accounting?