Suma Corp Reported the Following Information for 2015 and 2016

question 108

Multiple Choice

Suma Corp. reported the following information for 2015 and 2016. Salaries payable, December 31, 2015 $3,700
Salaries payable, December 31, 2016 1,800
Salaries expense--2016 57,000
How much cash was paid for salaries during 2016?

• A) $55,100
• B) $55,200
• C) $57,000
• D) $58,900

---

Definitions:

Law of Demand

A fundamental principle stating that, ceteris paribus, as the price of a good increases, the quantity demanded of that good decreases, and vice versa.

Product Price

The cost for which a single item or service is sold to consumers, which can consider production, marketing, and distribution expenses.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price.

Demand Schedule

a table that shows the quantity of a good or service that consumers are willing and able to purchase at various price points.