A Company Reported Salaries and Wages Payable of $750 at the Beginning

question 195

Multiple Choice

A company reported Salaries and Wages Payable of $750 at the beginning of the year and $2,500 at the end of the year.The income statement for the year reported Salaries and Wages Expense of $56,200.How much cash was paid for salaries and wages during the year?

• A) $52,950
• B) $56,200
• C) $54,450
• D) $53,700

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Definitions:

Consumer Debt

Financial obligations incurred by individuals primarily for personal, family, or household purposes, including credits cards, mortgages, and personal loans.

Credit Score

A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of the individual.

Reaffirmation Agreement

An agreement in which a debtor agrees to pay a debt even though it could have been discharged in bankruptcy.

Discharged

Released from liability; term applied to negotiable instrument liability that has terminated.