Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500Salaries expense 85,000Cost of goods sold 217,600 The following balances have been excerpted from the company's comparative balance sheets: 31-Dec-2431-Dec-23Interest receivable $9,100 $7,500Salaries payable 8,900 4,200Accounts payable 12,700 10,900Inventory 36,100 32,500 The amount of cash paid by the companies for salaries in 2024 was Select one:$89,700.$93,900.$80,300.$80,800.

Changes in salaries payable are adjusted with salaries expenses during the year to compute the…

Answered: Window World Company's income statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Window World Company's income statement for the year ending December 31, 2024 included the following items:

Interest revenue	$65,500
Salaries expense	85,000
Cost of goods sold	217,600

The following balances have been excerpted from the company's comparative balance sheets:

		31-Dec-24	31-Dec-23
Interest receivable	$9,100	$7,500
Salaries payable	8,900	4,200
Accounts payable	12,700	10,900
Inventory	36,100	32,500

The amount of cash paid by the companies for salaries in 2024 was

Select one:

$89,700.

$93,900.

$80,300.

$80,800.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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