How much is to be shown as wages expense for the year? $30,000 $46,000 $54,000 $70,000
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The Raving Storm is a trader in hurricane shutter systems. The firm has provided the following details for the year 2017 :
Receipt from debtors |
80,000 |
|
Bal b/d |
60,000 |
Cash Sales |
110,000 |
|
Office expense |
30,000 |
Investment income |
35,000 |
|
Wages |
50,000 |
Disposal of equipment |
48,000 |
|
Rent |
42,000 |
Bal c/d |
256,000 |
|
Loan repayment |
40,000 |
|
|
|
Payment to creditors |
35,000 |
|
|
|
Rates |
15,000 |
|
|
|
Loan interest |
9,000 |
|
|
|
Cash Purchases |
48,000 |
|
|
|
Equipment |
200,000 |
|
529,000 |
|
|
529,000 |
Additional details available included the following
DETAILS |
Jan. 01 |
Dec. 31 |
Wages prepaid |
8,000 |
12,000 |
Investment income prepaid |
8,500 |
11,000 |
Stock |
25,000 |
34,200 |
Creditors |
14,000 |
18,000 |
Equipment ( Book value ) |
240,000 |
400,000 |
Machinery ( Book value ) |
150,000 |
145,000 |
Motor vehicle ( Book value ) |
85,000 |
78,000 |
Debtors |
25,000 |
32,000 |
Office expenses owing |
5,000 |
8,000 |
Rates owing |
3,000 |
4,000 |
10% Loan |
150,000 |
110,000 |
Notes : i ] The equipment that was sold had a book value of $30,000
ii ] Discount received from supplier amount to $6,000
Question : How much is to be shown as wages expense for the year?
- $30,000
- $46,000
- $54,000
- $70,000
Step by step
Solved in 2 steps
How much is capital at the start of the year?
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