How much in wages did the company actually pay to its employees during Year 2? Show your work. Balance sheetsDec. 31, Year 2Dec. 31, Year 1AssetsCashAccounts receivableSuppliesPrepaid insurancePrepaid rentInventory280,000268,000180,000200,00020,00040,00030,00022,00060,00024,000300,000870,000270,000824,000480,000Total current assetsEquipmentAccumulated depreciationLand480,000(100,000)80,000(80,000)80,000Other non-current assetsTotal assets100,0001,430,000110,0001,414,000Liabilities and Stockholders' EquityAccounts payableWages payableInterest payableUtilities payable140,00032,00016,000170,00048,00018,00056,00062,000250,000160,000Total current liabilities292,000Notes payable160,000Other non-current liabilities40,000450,000600,000380,00066,000518,000600,000296,000Total liabilitiesContributed capitalRetained earningsTotal stockholders equityTotal liabilities + stockholders equity S980,0001,430,000896,0001,414,000 Income statement Year ended Dec. 31, Year 2RevenuesTotal sales revenuesS 1,560,000ExpensesCost of goods soldWages expenseSupplies expenseRent expenseDepreciation expenseInsurance expenseUtilities expenseInterest expenseTotal expenses668,000186,00046,000120,00020,000100,000165,00084,0001,389,000$ 171,000Net income

Wage actual paid is the wage expenses adjusted to the outstanding amount at the beginning and ending…

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Business

Accounting

How much in wages did the company actually pay to its employees during Year 2? Show your work.

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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