The Income Statement for Year 2 of Winter Co

question 139

Multiple Choice

The income statement for Year 2 of Winter Co.reported wages expense of $160,000.At December 31,Year 1,the balance sheet showed a balance in wages payable of $16,000.At December 31,Year 2,the balance sheet showed a balance in wages payable of $22,000.What amount of cash was paid for wages during the year?

• A) $176,000
• B) $166,000
• C) $154,000
• D) $144,000

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Definitions:

Advertising Firm

A company specializing in creating, planning, and handling advertising and sometimes other forms of promotion for its clients.

Final Year

The last year of an academic or educational program, often associated with completing final assessments and preparing for graduation.

Alternative Work Arrangements

These are non-traditional work schedules or locations that differ from the standard 9-to-5 office job, including remote work, flexible hours, and part-time positions.

Advantages

The beneficial aspects or strengths that provide a competitive edge or contribute to greater success and achievement.