Northgate Publishers, Inc., reported Wage and Salary Expense of $220,000 on its 20X1 income statement. It reported cash paid to employees of $185,000 on its statement of cash flows. The beginning balance of Accrued Wages and Salaries Payable was $18,000. What was the ending balance in Accrued Wages and Salaries Payable? Ignore payroll taxes.
Answer to relevant QuestionsNeptune Strategy, Inc., provides consulting services. In 20X1, net income was $185,000 on revenues of $460,000 and expenses of $275,000. The only noncash expense was depreciation of $35,000. The company has no inventory. ...A company acquired a fixed asset in exchange for common stock. Explain how this transaction should be shown, if at all, in the statement of cash flows. Why is your suggested treatment appropriate? During 20X0, the Southampton Shipping Company, a company reporting under IFRS, refinanced its long-term debt. It spent £165,000 to retire long-term debt due in 2 years and issued £180,000 of 15-year bonds (£ signifies ...Johnson & Johnson is a health-care company with headquarters in New Brunswick, New Jersey. Its revenues in the fiscal year ended January 1, 2012, were more than $65 billion. Following are items from the company’s statement ...CSR Limited is a leading supplier of building and construction materials headquartered in Sydney, Australia. The company’s 2011 total assets were more than A$2.2 billion, where A$ is the Australian dollar. The following ...
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