The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 0 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 23,000 63,000 Retained earnings The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net income $52,000 Calculate the amount of cash paid to employees for salaries during 2019.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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The following selected account balances were taken from ABC Company's general
ledgers for 2019:
January 1, 2019 0 December 31, 2019
Inventory
74,000
56,000
Accounts payable 50,000
28,000
Salaries payable 9,000
4,000
Investments
68,000
75,000
Accounts receivable 69,000
35,000
Land
58,000
88,000
Notes payable
195,000
120,000
Unearned revenue 17,000
25,000
Common stock
100,000
190,000
23,000
63,000
Retained earnings
The following information was taken from ABC Company's 2019 income statement:
Sales revenue
$420,000
Cost of goods sold 300,000
Salaries expense 68,000
Net income
$52,000
Calculate the amount of cash paid to employees for salaries during 2019.
Transcribed Image Text:The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 0 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 23,000 63,000 Retained earnings The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net income $52,000 Calculate the amount of cash paid to employees for salaries during 2019.
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