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QUESTION: During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year-end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000

QUESTION: During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year-end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...
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QUESTION: During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year-end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000
Transcribed Image Text:QUESTION: During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year-end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 at December 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014 Income Statement: a) $92,000 b) $110,000 c) $88,000 d) $90,000
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