Assume That General Fund Employees Accrued $125,000 of Compensated Absences

question 49

Multiple Choice

Assume that General Fund employees accrued $125,000 of compensated absences liability during the year. Compensated absences liability, which is considered to be a long-term liability, decreased $30,000 from the beginning of the year to the end of the year. The fund also actually paid $550,000 in salaries and wages during the year. At the end of the fiscal year, salaries and wages payable was $12,000. The General Fund would report salaries and wages expenditures for the year of

• A) $532,000.
• B) $550,000.
• C) $562,000.
• D) $592,000.