A company reported Salaries and Wages Payable of $840 at the beginning of the ye

Question

A company reported Salaries and Wages Payable of $840 at the beginning of the year and $2,680 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $58,000. How much cash was paid for salaries and wages during the year?

$54,480

$56,160

$55,320

$58,000

A company reported Salaries and Wages Payable of $840 at the beginning of the year and $2,680 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $58,000. How much cash was paid for salaries and wages during the year?

Explanation / Answer

$55,160

58,000 + 840 - $2,680 = $56,160

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