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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Case 2-64 Analysis of the Effects of Current Asset and Current Liability Changes on Cash Flows

You have the following data for Cable Company’s accounts receivable and accounts payable for 2019:

Chapter 2, Problem 64.3C, Case 2-64 Analysis of the Effects of Current Asset and Current Liability Changes on Cash Flows You

Required:

3. How much cash did Cable pay for wages during 26-19?

To determine

Introduction:

Wages expense is basically a labor cost incurred for performing services or producing the product by the labors. The liability of wages payable is wages expense which is not yet paid by business during the previous accounting period.

Cash paid for wages during 2019.

Explanation
    Computation of Cash paid for wages during 2019
    Wages Payable; 1/1/2019$4,960
    Add: Wages expense during 2019

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