During 2016, the First Year of Operations, Silver, Inc

question 22

Multiple Choice

During 2016, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of the year, employees have earned salaries of $20,000, which are not paid by Silver until early in 2017. What is the amount of the deduction for salary expense?

• A)If Silver uses the cash method, $175,000 in 2016 and $0 in 2017.
• B)If Silver uses the cash method, $0 in 2016 and $195,000 in 2017.
• C)If Silver uses the accrual method, $175,000 in 2016 and $20,000 in 2017.
• D)If Silver uses the accrual method, $195,000 in 2016 and $0 in 2017.
• E)None of the above is correct.

Recognize and explain the symptoms of narcolepsy.

Understand the classifications of psychoactive drugs, including the effects of depressants on the central nervous system.

Comprehend theories related to the division of consciousness, especially in the context of hypnosis.

Distinguish between different breathing-related sleep disorders and understand their causes.

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Definitions:

T-Account

A graphical representation of a ledger account, showing two sides for debits and credits, used in accounting.

Ledger Account

A record that keeps track of all the financial transactions pertaining to a specific account, forming part of the general ledger.

Transactions

The actions carried out between two or more parties that involve the exchange of goods, services, or financial assets.

Accounts Payable

Liabilities or money owed to suppliers or creditors for goods and services received but not yet paid for.