Question

A firm reported salary expense of $236,000 for the current year. The beginning and ending balances in salaries payable were $39,000 and $11,000, respectively. What was the amount of cash paid for salaries?

Multiple Choice
A. $236,000.
B. $286,000.
C. $264,000.
D. $208,000.

Answer 1

Answer:

The correct answer is C. $264,000

Explanation:

Beginning balance, Salaries payable

$39,000

Plus Salaries expense 236,000

Minus Ending balance, Salaries payable

11,000

= Cash paid for salaries $ 264,000

Salary expense 236,000

Salaries payable 28,000

Cash 264,000

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