On January 1, 2022, Sullivan Enterprises had a Wages Payable balance of $28,000. The Wages Expense for 2022 totalled $350,000. The ending balance of Wages Payable was $36,000. What is the amount of cash paid for wages in 2022?
Q: Hi expert
A: The total return on a stock includes both the capital gain (or loss) and the dividend yield. The…
Q: Net credit sales: 910000, Accounts receivable:85000
A: Step 1: Definition of Accounts Receivable Turnover RatioThe accounts receivable turnover ratio…
Q: Provide correct answer this financial accounting question
A: Step 1: Define Built-in Gains TaxThe Built-in Gains (BIG) Tax is a tax imposed on S corporations…
Q: Hii teacher please provide correct answer general accounting question
A: Given Data: Sales = $825,400 Costs = $462,700 Depreciation = $112,300 Tax Rate = 35% Calculate…
Q: What is the return on assets of this accounting question?
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
Q: Financial accounting
A: Step 1: Definition of Total ReturnTotal return is a financial metric used to measure the overall…
Q: At the high level of activity in November, 10,300 machine hours were run and power costs were…
A: Step 1: DefinitionsConcept of the High-Low MethodThe High-Low Method is a technique used to estimate…
Q: Why do companies make adjusting entries? When are adjusting entries made and at what point in the…
A: Adjusting entries are an essential part of the accounting process. They are made at the end of an…
Q: What is the maturity value of the note on these financial accounting question?
A: Step 1: Definition of Maturity ValueMaturity Value refers to the total amount that must be paid at…
Q: What would be the effect on income from operations
A: Explanation of Absorption Costing:Absorption costing is an accounting method that includes both…
Q: Solution need
A: 1. Contribution Margin per Machine HourSelling Price per Unit = $55.00Variable Cost per Unit =…
Q: Determine the value of capital on these financial accounting question
A: Step 1: Define Accounting EquationThe Accounting Equation is the fundamental principle of…
Q: Please need help with this accounting question not use chatgpt
A: Step 1: Definition of Net Decrease in Investment in Trading SecuritiesThe net decrease in investment…
Q: Please give me answer general accounting question
A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…
Q: Assess the role of modern accounting theories in guiding research in accounting.Discuss how…
A: The Role of Modern Accounting Theories in Guiding Research in AccountingModern accounting theories…
Q: Sterling Manufacturing had a quick ratio of 1.5, a current ratio of 3.2, an inventory turnover ratio…
A: Step 1: Definition of Annual Sales and Days Sales Outstanding (DSO)Annual Sales refers to the total…
Q: What was the balance in internet payable
A: Step 1:The interest payable is the liability account; it increases by interest expenses and…
Q: What is the firm's Debt-Equity Ratio?
A: The Debt-Equity Ratio can be determined using the DuPont Identity, which expresses Return on Equity…
Q: A trial balance will balance even if A. a journal entry to record the purchase of equipment for cash…
A: A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into…
Q: Help
A: The budgeted cash disbursement for June is calculated as follows: Formula table: Result of the above…
Q: What is the budgeted cost of direct materials to be used this year on financial Accounting?
A: To calculate the budgeted cost of direct materials to be used, follow these steps: Determine the…
Q: None
A: Step 1:The total liabilities include the amount that is due to be paid. it is a financial obligation…
Q: General accounting
A: IntroductionThis question needs us to find the stock value of TechWave Inc. just after it has paid a…
Q: On 17-Feb of year 1, Javier purchased a building, including the land it was on, to assemble his new…
A: First, we need to identify the depreciation system that applies to the property. In this case, the…
Q: Whar are the profit margin and total asset turnover of this accounting question?
A: Step 1: Definition of Profit MarginProfit margin is a financial metric that measures the percentage…
Q: Please Solve Question
A: The Times Interest Earned (TIE) ratio is a measure of a firm's ability to meet its interest…
Q: On 1 January 2021, a machine was bought at a cost of $33,000. The machine is to be depreciated at…
A: Step 1: DefinitionsConcept of Reducing Balance DepreciationReducing Balance Depreciation is a method…
Q: The policy at Kingbird, Inc. is to record all office supplies as an asset at the time of purchase.…
A: In accounting, adjusting entries are journal entries made at the end of an accounting period to…
Q: Fast
A: 1. Contribution Margin per Machine HourSelling Price per Unit = $55.00Variable Cost per Unit =…
Q: What is the cash paid?
A: Explanation of Cost of Goods Sold (COGS): Cost of goods sold represents the direct costs…
Q: hi expert please help me
A: Step 1: Definition of Projected Benefit Obligation (PBO)Explanation: The Projected Benefit…
Q: Financial Accounting Question need help
A: Step 1: Define Operating CycleThe Operating Cycle refers to the time it takes for a company to…
Q: Calculate the net sales for this financial accounting question
A: Step 1: Define Net SalesNet sales represent the total revenue generated by a company from its sales…
Q: Financial Accounting
A: Step 1: Definition of Sales Growth RateSales Growth Rate measures the percentage increase or…
Q: What is the Brighton Enterprises total equity of this financial accounting question?
A: Step 1: Define Total EquityTotal equity represents the residual interest in the assets of a business…
Q: Sunflower Oil Processors incurred the following plant maintenance costs: 65,000 units processed with…
A: Concept of Variable CostVariable cost refers to expenses that change directly in proportion to the…
Q: Calculate the number of units sold in 2023? General accounting
A: Step 1: Definition of Break-Even and Target Profit AnalysisBreak-even and target profit analysis…
Q: Calculate gross profit of this general accounting question
A: Step 1: Define Gross ProfitGross Profit is the financial metric that represents the difference…
Q: Compute the companywide break even point
A: Explanation of Break-Even Point: The break-even point represents the level of sales at which a…
Q: Hello tutor please provide this question solution general accounting
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…
Q: Accounting
A: Step 1: Definition of Activity RateThe Activity Rate is a cost allocation metric used in…
Q: On 17-Feb of year 1, Javier purchased a building, including the land it was on, to assemble his new…
A: MACRS is an acronym for Modified Accelerated Cost Recovery System. It is a depreciation method…
Q: Accurate answer
A: Step 1:It is given that 45% of sales were collected in the month of sales and the remaining 55% in…
Q: Amount of total assets?
A: Explanation of Total Assets:Total assets refer to all the resources owned by a company that have…
Q: Provide correct answer this financial accounting question
A: Step 1: Definition of Variable and Fixed CostsVariable Cost: A cost that varies directly with the…
Q: Roe ?
A: Calculation for Return on Equity (ROE)We have some financial data:Net Profit Margin (NPM) = 5.5%…
Q: Give me the answer in a clear organized table please. Thank you!
A: Step 1:Current Ratio is calculated to check the liquidity position of the company in short run. it…
Q: what is the question answer ? general accounting question
A: Step 1: Define Absorption Costing Net IncomeAbsorption costing includes all manufacturing costs,…
Q: Answer
A: Explanation of Price-Earnings (P/E) Ratio: The price-earnings ratio is a fundamental valuation…
Q: Get correct answer with explanation of the financial accounting
A: Step 1: Define Owner's EquityOwner's Equity represents the owner's financial interest in a business.…
What is the amount of cash paid for wages in 2022 on these financial accounting question?
Step by step
Solved in 2 steps
- CopWinter 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?Victor Inc. reports a rent expense of $500,000 in its 2022 income statement. If Prepaid Rent was $80,000 at December 31, 2021, and $110,000 at December 31, 2022, what is the cash paid for rent during 2022?
- Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021: Accounts payable-P980,000; Accounts receivable-P2,160,000; Allowance for bad debts-P250,000; Cash-P224,000; Wages payable-P108,000; Trademarks-P450,000; Long-term advances to officers-P1,500,000; Inventory-P830,000; Income taxes payable-P720,000; Notes receivable(short-term)-P970,000; Bond redemption fund-P1,800,000; Bonds payable-P5,000,000; Premium on bonds payable-P400,000; Treasury shares-P576,000. How much were the total current assets at December 31, 2021? A P5,434,000 B) P4,510,000 C) P3,934,000 D) P3,943,000During 2020, Best Corporation had cash and credit sales of $36,420 and $18,560, respectively. The company also collected accounts receivable of $10,350 and incurred operating expenses of $39,600, 80% of which were paid during the year. In addition, Best prepaid $4,500 for an 18 month advertising campaign that began September 30. Best Company's accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $240 C. $14,630 D. $18,800Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment was $60,000 for the month. 2) Sales of merchandise inventory for the month of September were $1,800,000, of which $1,200,000 was paid in cash and the remaining amount sold on credit. The cost of the merchandise sold was $1,080,000. 3) The next payroll will be $144,000 and will be paid on October 12. This payroll will cover wages earned during the last week of September and the first week of October. 4) The utility bill of $72,000 for the month of September was both received and paid in early October. 5) Thomas sold a company car for a gain of $12,000 on September 22. 6) On September 3, Thomas paid $6,000 for August’s telephone bill. 7) On October 1, Thomas received the September telephone bill, which totaled $12,000. The bill will be paid in mid-October. 8) Wages paid in cash to employees during the month totaled $288,000. This amount included $60,000 paid for work done in…
- Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment was $60,000 for the month. 2) Sales of merchandise inventory for the month of September were $1,800,000, of which $1,200,000 was paid in cash and the remaining amount sold on credit. The cost of the merchandise sold was $1,080,000. 3) The next payroll will be $144,000 and will be paid on October 12. This payroll will cover wages earned during the last week of September and the first week of October. 4) The utility bill of $72,000 for the month of September was both received and paid in early October. 5) Thomas sold a company car for a gain of $12,000 on September 22. 6) On September 3, Thomas paid $6,000 for August’s telephone bill. 7) On October 1, Thomas received the September telephone bill, which totaled $12,000. The bill will be paid in mid-October. 8) Wages paid in cash to employees during the month totaled $288,000. This amount included $60,000 paid for work done in…Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment was $60,000 for the month. 2) Sales of merchandise inventory for the month of September were $1,800,000, of which $1,200,000 was paid in cash and the remaining amount sold on credit. The cost of the merchandise sold was $1,080,000. 3) The next payroll will be $144,000 and will be paid on October 12. This payroll will cover wages earned during the last week of September and the first week of October. 4) The utility bill of $72,000 for the month of September was both received and paid in early October. 5) Thomas sold a company car for a gain of $12,000 on September 22. 6) On September 3, Thomas paid $6,000 for August’s telephone bill. 7) On October 1, Thomas received the September telephone bill, which totaled $12,000. The bill will be paid in mid-October. 8) Wages paid in cash to employees during the month totaled $288,000. This amount included $60,000 paid for work done in…Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment was $60,000 for the month. 2) Sales of merchandise inventory for the month of September were $1,800,000, of which $1,200,000 was paid in cash and the remaining amount sold on credit. The cost of the merchandise sold was $1,080,000. 3) The next payroll will be $144,000 and will be paid on October 12. This payroll will cover wages earned during the last week of September and the first week of October. 4) The utility bill of $72,000 for the month of September was both received and paid in early October. 5) Thomas sold a company car for a gain of $12,000 on September 22. 6) On September 3, Thomas paid $6,000 for August’s telephone bill. 7) On October 1, Thomas received the September telephone bill, which totaled $12,000. The bill will be paid in mid-October. 8) Wages paid in cash to employees during the month totaled $288,000. This amount included $60,000 paid for work done in…