Use the Following Information to Calculate Cash Paid for Wages

question 64

Multiple Choice

Use the following information to calculate cash paid for wages and salaries:
$$\begin{array} { | l | r | } \hline \text { Salaries expense } & \$ 168,000 \\\hline \text { Salaries payable, January 1 } & 6,400 \\\hline \text { Salaries payable, December } 31 & 10,600 \\\hline\end{array}$$

• A) $157,400
• B) $163,800
• C) $168,000
• D) $172,200
• E) $174,400

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Definitions:

Preemption

A legal doctrine that allows federal law to take precedence over state laws in cases where both governments have enacted competing laws or policies.

Police Power

The capacity of a state to regulate behaviors and enforce order within its territory, mainly in areas concerning health, safety, and morals.

General Revenue Sharing

A form of federal monetary aid that is given to states and municipalities with minimal restrictions on how it can be spent.

Means Testing

A procedure to determine eligibility for certain forms of financial aid or social services based on the income and assets of an applicant.