Homework Help is Here – Start Your Trial Now!
Business
Accounting
Lewis 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 2016 is as follows: 12/31/15 12/31/16 Employee advances Accrued salaries payable $12,000 $ 18,000 75,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2016, what amount should Lewis report for accrued salaries payable? a. $100,000. b. $84,000. c. $92,000. d. $55,000.

Lewis 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 2016 is as follows: 12/31/15 12/31/16 Employee advances Accrued salaries payable $12,000 $ 18,000 75,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2016, what amount should Lewis report for accrued salaries payable? a. $100,000. b. $84,000. c. $92,000. d. $55,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
None
Lewis 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 2016 is as follows: 12/31/15 12/31/16 Employee advances Accrued salaries payable $12,000 $ 18,000 75,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2016, what amount should Lewis report for accrued salaries payable? a. $100,000. b. $84,000. c. $92,000. d. $55,000.
Transcribed Image Text:Lewis 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 2016 is as follows: 12/31/15 12/31/16 Employee advances Accrued salaries payable $12,000 $ 18,000 75,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2016, what amount should Lewis report for accrued salaries payable? a. $100,000. b. $84,000. c. $92,000. d. $55,000.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS