On January 1, 2023, NovaTech Inc. reported Wages Payable of $18,000. Wages Expenses for 2023 totaled $520,000. The ending balance of Wages Payable on December 31, 2023, was $22,000. What is the amount of cash paid for wages in 2023? A. $524,000 B. $520,000 C. $516,000 D. $512,000
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- On January 1, 2025, Wages Payable was $47,000. Wages Expenses for 2025 totaled $453,000. The ending balance of Wages Payable was $59,000. What is the amount of cash paid for wages in 2025? QuestionWhat is the amount of cash paid for wages in 2022 on these general accounting question?What is the amount of cash paid for wages in 2022 on these financial accounting question?
- The income statement of Dolan Corporation for 2020 included the following items: Interest revenue $141,000 Salaries and wages expense 210,000 Insurance expense 21,200 The following balances have been excerpted from Dolan Corporation's balance sheets: December 31, 2020 December 31, 2019 Interest receivable $18,200 $15,000 Salaries and wages payable 17,800 8,400 Prepaid insurance 2,200 3,000 The cash received for interest during 2020 wasFlounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2020: Accounts payable ¥ 72,000 Accounts receivable 44,000 Advertising expense 80,000 Salaries and Wages Payable 12,000 Cash 60,000 Calculate the amount of total current liabilities: а. 0 b. 72,000 C. 84,000 Od. 12,000
- Question related to accountingWilde Company earned revenues of $150,000 in cash and $230,000 on account during 2022. Of the $230,000 on account, $84,000 was collected in cash in 2022 and the rest in 2023. The company incurred expenses of $105,000 on account in 22 and made cash payments of $90,000 towards the expenses in 2022. What is net income in 2022 under cash-basis accounting? $140,000 O $275,000 O $60,000 $144,000Please provide this question solution general accounting
- provide step by step solution for general accountingThe 2025 income statement of Wildhorse Corporation included the following items Service Revenue Interest Expense Unearned Service Revenue Interest payable All of Wildhorse's revenue is received in cash (no Accounts Receivable). The following items were taken from Wildhorse's balance sheet $367600 O $367600. O $370150. 4700 O $362900. O $394450. The cash received for services during the year is December 31, 2025 $26850 1250 December 31, 2024 $24300 1950Celtics Company had the following data relating to its accounts receivable. Accounts Receivable, December 31, 2022 P1,300,000Credit sales for 2023 5,400,000Collections from customers during 2023, including recoveries 4,750,000Accounts written off on September 30, 2023 125,000Recoveries of accounts previously written off in prior years 25,000Estimated uncollectible receivables per aging, December 31, 2023 165,000 Question:20. How much is Celtics Company's net accounts receivable at December 31, 2023? A. P1,660,000B. P1,685,000C. P1,825,000D. P1,850,000