Salary Payable at the beginning of the month totals $29,000. During the month, salaries of $128,000 were accrued as expense. If ending Salary Payable is $13,000, what amount of cash did the company pay for salaries during the month? OA. $144,000 OB. $86,000 OC. $170,000 OD. $142,000 CI

Salary Payable at the beginning of the month totals $29,000. During the month, salaries of $128,000 were accrued as expense. If ending Salary Payable is $13,000, what amount of cash did the company pay for salaries during the month? OA. $144,000 OB. $86,000 OC. $170,000 OD. $142,000 CI

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 6SEA

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Salary Payable at the beginning of the month totals $29,000. During the month, salaries of $128,000 were accrued as expense. If ending Salary Payable is $13,000, what amount of cash did the
company pay for salaries during the month?
OA. $144,000
OB. $86,000
O C. $170,000
OD. $142,000

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Step 1: Cash flows from operating activities:

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Accounting for Cash and cash equivalents

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