Mani Don't upload any image please Use the following information to calculate cash paid for wages and salaries:Salaries expenseSalaries payable, January 1Salaries payable, December 31Multiple Choice$157,400$163,800$168,000.$ 168,0006,40010,600

Salaries and wages are the expenses incurred by the organization for employees hired by it. This is…

Answered: Use the following information to…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13MCQ

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
Determine the amount of cash expended for Salaries during the month, based on the entries in the following accounts (assume 0 beginning balances).
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?
Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).
SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
The following information is available regarding a company’s annual salaries and wages. What amount of cash is paid for salaries and wages? Salaries and wages expense . . . . . . . . . . . . . . . . . . . . $255,000 Salaries and wages payable, prior year-end . . . . . . . . 8,200 Salaries and wages payable, current year-end . . . . . . 10,900 a. $252,300 c. $255,000 e. $235,900 b. $257,700 d. $274,100
Martyr Company paid or collected during 2021 the following items: Interest revenue 75,500 Insurance expense 9,600 Salaries expense 65,000 The following balances were from Martyr Company’s balance sheets: December 31, 2021 December 31, 2020 Interest receivable 7,500 9,100 Salaries payable 4,200 8,900 Prepaid insurance 1,500 1,100 The cash received for interest during 2021 was The cash paid for salaries during 2021 was The cash paid for insurance premiums during 2021 was
In 2021, Hope Company incurred sales on account of $105,000. The company also has the following information: December 31, 2021 December 31, 2020 Accounts Receivable $21,500 $53,000 Accounts Payable $72,000 $47,000 What is the amount of cash received from customers for Hope Company in 2021? Multiple Choice $114,400 $136,500 $105,000 $88,500
Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
the amount of cash paid for s&a expenses during the month of November is : options are : 63400 67000 65700 70400

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Use the following information to calculate cash paid for wages and salaries: Salaries expense Salaries payable, January 1 Salaries payable, December 31 Multiple Choice O $157,400 $163,800 $168,000. $ 168,000 6,400 10,600